Ted Sarandos is continuing to tour the world pledging cash to creators.
After unveiling plans in February to spend $1B on Mexican production over the next four years, the Netflix co-CEO has made a similar commitment to Spanish originals.
In remarks at Netflix’s Tres Cantos Madrid hub on Tuesday, Sarandos said Netflix would invest €1B ($1.1B) in the country by 2029.
The Netflix chief was flanked by Pedro Sanchez, the president of Spain, as he announced his commitment and lauded the country’s creators for producing hits like Society of the Snow and Elite.
Sarandos said Spanish titles have generated over 5B hours of viewing on Netflix after the streamer has partnered with local storytellers over the past decade.
“Dali masks, red jumpsuits, Bella Ciao – all of them have become instantly recognisable parts of the global culture,” Sarandos said.
“We commend Spain for its efforts and commitment to the audiovisual sector. We look forward to working with you and your teams to grow the economy, create opportunity and bring more of this beautiful, rich Spanish heritage to the world.”
Netflix opened Tres Cantos in 2019 and expanded the facility in 2022. Boasting 10 sound stages, Sarandos said it was a symbol of the company’s “deep, sustained commitment” to the region.
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