Advertising and production company The Limners and Bards Limited (The LAB) is now finalising plans to roll out a new investment vehicle to fund projects in the burgeoning local film industry.

With six of its film projects now submitted for funding under the $1-billion Jamaica Screen Fund established by the Government last year to provide financing for the development and production of film and television shows locally, Chairman Steven Gooden told shareholders at the annual general meeting last week that the company will also be going one step further in supporting national efforts as it set up a new vehicle to create an additional source of financing for what many believe to be “an emerging industry with a bright future”.

“This will allow Jamaicans to co-invest with us on this nation-building journey,” Gooden stated.

The new vehicle, which he told the Jamaica Observer should be made available to market within the next 3-6 months, will, he said, primarily serve two main purposes.

“Firstly, it will allows co-investors to supplement our internal funds to cover the cost of the projects, while secondly, and on a more broader scale, it will be a fund-raising initiative which serves as a catalyst for creating a financing ecosystem that benefits not just the film industry but the general creative economy,” Gooden said to the Business Observer.

“For too long funding constraints have hindered the industry from realising its full potential, so by merging creatives with finance we want to disrupt the landscape,” he added.

Pushing plans to produce its three films and three web series over the next 12 months, the chairman said each film will be housed in a special purpose vehicle, with The LAB being a substantial anchor investor. Mum, however, on details concerning size and more specifics about the vehicle, he said these will be communicated at a later date.

“We want to capitalise on all opportunities to revitalise our vision in becoming the leading Caribbean creators, producing world-class ideas, content, and entertainment,” Gooden further said in his report to shareholders during the meeting.

Managing Director Kimala Bennett, who remains upbeat about the diversification strategy for the business, believes the launch of this new film vehicle will further help The LAB to capitalise on the growing demand for authentic, locally produced content.

“This strategy also opens opportunities for local brand integration while merging our core business with our creative content ventures. In leveraging our in-house talent for agility and frequent content production, coupled with built-in marketing support from our core business, we aim to own and licence our IP in various territories. This will provide long-term licensing revenue while sustaining our growth in the cultural and creative industries,” Bennett said.

She further noted that it is by tapping into the market for diverse, culturally rich stories that the company will be able to secure a steady income stream as it maximises the financial potential of productions to drive continuous growth and reinvestment into the business.

Operations under its Scope Caribbean influencer marketing subsidiary, now scaled back to lessen bottom line fallouts at group level, Bennett said forms another critical layer in future-proofing the business.

“In ensuring that we get it right, we had to take a step back last year, and in weeks to come, our shareholders will hear more about what we are doing with Scoop. One of the big opportunities for this business will come with us moving more into the creation of content. There is also going to be an opportunity to offer influencer marketing in a very measurable way to our clients with some new partnerships we’re now forging, and that will be heard about in the coming weeks,” Bennett said.

“Scope is still very much alive and kicking, but we’ve implemented a cost-containment plan where it is concerned so that it will not affect the bottom line right now. So while we’ve taken a step back, when we do relaunch, having taken all the key learnings, we want to have it impacting the bottom line in the way we want it to,” she continued.