After a fundraising campaign that lasted 21 weeks, €833,700 has been raised to buy the iconic Cinema Nova's lease after it expires this month – enough to secure the future of the non-commercial and independent cinema in Brussels city centre for at least another 68 years.
Cinema Nova's lease will soon expire, and after screening indie cinema for almost 30 years, Brussels' rising real estate prices were sure to destroy the collective project. To safeguard to popular site, the organisation called on the public to save the iconic theatre by buying a share.
"We did it! Today, Wednesday 13 March, Supernova Coop raised €833,700," the organisation announced. "The initiative has more than 3,000 cooperators who together purchased shares worth €527,550 during the campaign's public call. Taking into account the shares that were previously sold during a private call, the total amount comes to €833,700."
Thanks to this fundraising campaign that started in November 2023, the cooperative company will now be able to purchase the building on Rue d'Arenberg after its lease expires and secure the cinema until at least 2092.
Credit: Cinema Nova
"This is the result of a collective effort. It was not certain that the campaign would achieve its goal," the organisation said. "Additionally, this is done without a loan, more than two weeks before the official deadline (31 March) and with a larger amount than hoped – the total amount was adjusted due to the unforeseen increase in certain costs."
This collective achievement not only points to the strong and broad connection with the Brussels cinema, but also underlines the importance of independent places that are fully committed to exchange and discovery, and where the public emerges as a fully-fledged player – places that unfortunately increasingly suffer from the pressure of an unregulated real estate market.
"This commitment is further proof of the power of collective action, in this case thanks to participatory financing by individual citizens," the organisation said. "Who knows, maybe Supernova will inspire other initiatives."
