Business

Irish firm spends €64m on third season of Netflix hit

Three series of the Vikings spin-off drama Valhalla have been shot in Ireland

Frida Gustavsson as Freydis in Vikings: Valhalla. Photograph: Bernard Walsh/Netflix

Gordon Deegan
Wed Mar 20 2024 - 17:20

A Co Wicklow-based firm spent €64 million over two years on the third season of Netflix show Valhalla.

New accounts for Valhalla 3 Productions DAC show the spend on the series in the 12 months to the end of April last totalled €40.66 million, after spending €23.34 million the year before.

Three series of the Vikings spin-off drama have been shot here and the combined spend by three companies set up in Ireland to advance the productions totals €188.85 million.

Along with Valhalla three′s spend, Valhalla 2 Productions DAC forked out €55.9 million while the spend by Valhalla 1 Productions DAC came to €68.95 million.

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In their report, the directors for Valhalla one said production on the first season of the show was disrupted by the pandemic in the 12 months to the end of April 2021.

They add that “significant additional and unforeseen costs as a result Covid-19 were and continue to be incurred due to comprehensive Covid-19 risk management protocols and health and safety procedures”.

Shot on location in Co Wicklow, Valhalla is a spin off of the successful Vikings and is set more than 100 years after the events of that programme.

The drama follows the increased tensions between the Vikings and the native English, as well as the warring factions of the traditional pagan Vikings and those with Christian beliefs.

Season three is to be launched on Netflix later this year and is reported to be the final instalment.

All Valhalla firms are subsidiaries of Metropolitan Films International Ltd and the Valhalla series qualified for Revenue 481 movie tax reliefs between €10-€30 million.

The most recent accounts for Metropolitan Films International show that the company, through Valhalla and other productions, received €72.5 million in Revenue movie and TV corporation tax credits in the 12 months to the end of April 2022.

The accounts for Valhalla three show that the spend on wages last year totalled €15.88 million as numbers on the production increased from 31 to 245.

A note cautions that the numbers employed is significantly higher number of employees than the average reported were employed by the company.

[ Patrick Freyne: Curious about the Scandinavian social model, I switched on ‘Vikings: Valhalla’ ]

The directors state that funding for season three of Valhalla was received from its parent company Metropolitan Films International Limited.

Season one of Valhalla arrived on Netflix in February 2022, with the second season following 11 months later in January 2023.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times

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