Letca Films and Hero: We are creating strategic alliances to strengthen our services in advertising and content production

During #PRODUprimetime with Ríchard Izarra recorded in Miami, Jorge Colón, director, producer, and founder of Letca Films and Hero, companies specialized in both the production of advertising spots and content for film and television, spoke about the latest trends that have permeated the Latin American audiovisual industry and the US Hispanic market.

For Colón, the industry is currently in a moment of readjustment. “I think that, in some way, we are evaluating how people consume content. It is very curious; for example, in several projects in which I have been involved when the content goes to open TV its success is moderate, but on Netflix or any platform, it is a mega-success. By analyzing this we can understand how the content is being viewed. Today, the largest platforms, not in Latin America but more in the US, are releasing episodes once a week, having to wait to see them all. All of this is analysis, studying, and a rearrangement,” he pointed out.

ADVERTISING AND CONTENT, A HYBRID TO TAKE INTO ACCOUNT
Colón and his companies have been forging strategic alliances to provide a higher quality service in their two main lines: advertising and content. He announced they launching an alliance in Mexico with Terciopelo Films to become stronger in that market. “The local Mexican advertising market is going through a difficult time, with strong discussions about the support given to Mexican talent and agencies. We believe that, instead of joining the controversy, we must become stronger in a market like that.”

The director also highlighted that the fusion between advertising and content could play a relevant role in the future of the industry. “When I hear that we are going back to previous formulas such as syndication or commercials within programming, I feel we are taking a step backward in terms of looking for economic solutions beyond the subscribers. Instead, I think if you analyze and bring together the experience of advertising with the experience of content production, there’s something there. In that marriage, the son has to deal more with the future of how to market the content and how advertisers will take advantage of it.”

WORK HAND IN HAND WITH ADVERTISERS
As to the question of whether, in the current context, advertisers might be confused about where to spend their ad dollars, he said: “I do, but it’s not just advertisers, we’re all confused. We do know what’s going on and we kind of understand it, but it’s constantly evolving for advertisers, filmmakers, and studios. So starting with the honesty of: ‘Wait for me, I don’t fully understand’ or ‘the truth is, I don’t know well what’s going on,’ will give us the humility to analyze and test, hand in hand with the advertiser, with the studio, with the producer, and with the brand, what doesn’t work and what does work and move on and make the journey together.”

ADS BUDGETS
Regarding high-budget commercials and their relationship with the technological advances in the sector, he noted: “The high-caliber ad continues to exist, now more than ever, but a door has also been opened to a world of commercials and smaller budgets thanks to cheaper and more accessible equipment.”

He highlighted the importance of adapting to changes in the industry. “I feel that it is a matter of adapting to what is happening in the market, adapting to technology. About 15 years ago, when we started talking about the death of 35mm and that digital will eat us up. It happened, and fighting against it was not smart. It’s the same. You can’t fight technology or advances, you should rather incorporate it as any other work tool. Today, as Hero and as Letca, what we are trying to do is offer both. We have a lot of new talent, and new directors who are also very eager to do things, both in content and in advertising, and they can assemble a set with two cameras, a microphone, and a light panel, and you would be surprised with what you can do.”

RECONCILING FORMATS
Colón also addressed the controversy in the audiovisual world about vertical or horizontal format. “Today there isn’t a campaign that doesn’t have to be filmed for both formats, it’s impossible. It still does not happen for content. I feel like we’re still in the process of understanding that you can do a hybrid, and by being able to do it, we’re staying within what we know. Yes, we are consuming more formats on cell phones and iPads, but the platforms are still 16:9, anamorphic, and horizontal and thus I think migration will be difficult. Keeping it as a hybrid is still going to be the standard.”

A HISPANIC MARKET IN CONSTANT CHANGE
He analyzed the transformations that the Hispanic market has undergone. “I feel that the Hispanic market is increasingly integrating with the global market. I think the generations that made up the Hispanic market as we knew it are already on their way out, and the generations making up the Hispanic market today have a different way of thinking. So clearly, the Hispanic market feels much more integrated into the global market because it is bilingual and consumes another type of content.”

To conclude, he referred to the evolution in the budgets for productions made in Latin America. “Budgets have definitely improved, which is not a secret to anyone, but the gap between production in the general market and Latin America is gigantic, and in a certain way, it is good for us because the truth is that Hispanic filmmakers do magic with the budgets we have, even though they have improved.”

View the interview of Jorge Colón on #PRODUprimetime with Ríchard Izarra