Spanish TV fiction producers are finding ways to navigate the rocky international scene thanks to increasing interest from foreign producers looking to co-finance in Spain, leveraging the country’s generous tax incentives.

Apart from streamer financing — which accounts for over 50% of total Spanish content investment, the highest in major European markets — the peak TV bubble has burst. Moreover, distributors worldwide are paying smaller minimum guarantees, broadcaster buyers are taking fewer risks and many players are commissioning fewer titles.

Solutions raised by Spanish companies include establishing beachheads in America, developing English-language productions and selling on the open market.

“Zorro” producer Secuoya Studios will develop and produce large-scale projects in English as part of its international expansion strategy, recently unveiled by CEO Brendan Fitzgerald, a former Sony executive.

The studio, presided over by James Costos, will operate multiple production fronts simultaneously to speed up timelines without compromising quality.

“We want to become language-agnostic and begin with English,...