ITsART closes its doors: the Netflix of Italian culture has been put into liquidation
ITsART closes its doors: the Netflix of Italian culture has been put into liquidation.
The ITsART partners had unsuccessfully tried to obtain a new round of public funding from the Government.
ITsART, the service strongly desired by former minister Dario Franceschini which should have become “the Netflix of Italian culture “, has been put into liquidation. The request to close the company was notified to the current minister, Gennaro San Giuliano, by the partners of the platform, i.e. the Cassa Depositi e Prestiti e Chili.
The failure of the platform had been anticipated by several newspapers, which at the time of its launch had underlined the ingenuity of the premises and the lack of competitiveness of the service. The first year had produced disastrous results: ITsART had lost almost 7.5 million euros, draining almost all the reserve of 9.8 million euros financed by the government.
The members of ITsART had unsuccessfully attempted to obtain a new round of public funding from the Government, which however preferred to pull the plug once and for all and leave the platform to its natural destiny.
Now remains the mystery of what should be done with the content paid for by users. ITsART did not have a flat subscription, like Netflix, but required users to individually purchase the contents in the catalog (theater shows, documents, etc.). Purchases during the first year of ITsART’s life had reached a total volume of 140 thousand euros . On average, users registered for the service spent less than €1 each.