It’s not just the Oscars that are going to have to answer this question: It’s also the moviegoers in Argentina.
The country’s cinema industry is suffering, and this is why.
The Argentine Film Institute of the Arts (AFI) says it has to close its doors in 2017 due to the effects of the financial crisis and its declining revenue.
Its budget for the fiscal year starting on February 1 has shrunk from €6.4 million to just €1.8 million, according to a press release from the agency.
The AFI, which runs cinemas in Buenos Aires, Buenos Aires and other cities, relies on its international and regional partners to support its production and distribution.
It has only one domestic film release each year, a film by Uruguayan director Diego Trabajal.
The company is hoping that by having a new, international, budget-friendly, international-oriented film it can make up for lost revenue.
“In the last few years, there’s been a decline in the number of films being made, and the number in circulation, because the country is struggling,” AFI president Enrique Ocampo told the Argentine newspaper La Nación.
The new budget also means fewer films are going abroad.
Argentina’s domestic box office fell 5% to €8.7 billion in 2017, according the World Trade Organization.
In the country’s top-selling films, there were just four films that grossed more than €500 million in 2016, according a report by the Argentinian Film Academy.
Of those, all four were Argentine films: “The Witch”, “The Last Fairytale”, “Catch-22”, and “Snow White and the Seven Dwarfs”.
“The only films that have come out of Buenos Aires are these films that are very popular and very profitable,” Ocampos said.AFI president Javier Aguirre said it was not a case of “going broke”, but the need for investment to stay afloat.
“There is no money to pay for any of these films.
We don’t have enough money to support the production,” he said.
The number of Argentinian films released internationally fell from just over 3,000 in 2006 to less than 900 in 2015.
This meant the number had fallen by 30% between 2007 and 2016.
The industry is facing a tough time, said Pedro Gomez, a professor at the Film Institute in the city of Mar del Plata.
The number of productions has also fallen in Argentina, which means that films need more foreign funding.
Gomez said Argentina is now facing an “unstoppable crisis”, with more than half of the industry’s productions facing cancellation.
“We’ve got a real problem with financing,” he added.
Ocampos insisted that he is determined to make films that appeal to a broader audience, with more international productions.
“The first thing is to make movies that have the widest possible audience, which we’re doing,” he told La Nacion.
He also pointed to the fact that more and more Argentinians are turning to film as a means of supporting their families.
“When people see that, they’re more interested in movies, which is good for our industry,” he noted.