Industry veteran Michael Olsen has stepped into the role of president and COO of Vancouver-based Odyssey Media.

The company opened its doors earlier this year as provider of media financing and investing, as well as production and post-production services.

“We’re doing $35 million in productions this year and we’re hoping to double that number next year,” Olsen tells Playback Daily, noting that at present, MOWs make up most of Odyssey’s slate, but that he’d like to add theatrical projects for North American and international markets in the future.

Odyssey is set to have 10 to 15 MOWs completed by the end of the year. Currently, he’s working on coproductions in Australia and Bulgaria, adding that the attraction of the latter country is its inexpensive labor.

“You can get the same work done there for 70% of the cost as in North America,” he explains. “They have a state of the art facility and while it’s not necessarily designed to have a $15 million movie made, it’s great for smaller productions and MOWs.”

Olsen says he is looking to expand Odyssey’s management team and board of directors to help secure investment with presales, tax credits and guarantees. Companies that provide these types of services declined during the recession, but are finally coming back, he says.

In the meantime, Odyssey will be focusing on its productions in the pipeline for the year, looking to double the work in 2012.

Olsen co-founded Serengeti Media Group in 2010 and was previously CEO of TriStar Film Finance. In partnership with other film industry vets, he launched Yaletown Capital in 2006, which provided tax credits and production services to Western Canada’s film and TV industry.  He also has producer credits on Paradox, Daydream Nation and Blood: A Butchers Tale.