Netflix has announced that it will be investing over $1 billion for film and TV production in Mexico over the next four years.
Netflix co-CEO Ted Sarandos announced the move on Thursday during a press conference with Mexican President Claudia Sheinbaum.
“This investment, and the productions derived therefrom, will benefit Mexican production companies and will contribute to the growth of the local audiovisual industry and the creation of opportunities nationwide,” said Sarandos.
According to The Hollywood Reporter (THR), the streaming giant will “invest $2 million in Mexico City’s iconic Churubusco Studios, one of the oldest and largest production facilities in Mexico, to ‘elevate’ its facilities.”
“The streaming company will continue creating and funding programs that help develop diverse and creative talents behind the camera, so that they may develop their careers in the entertainment industry,” added THR. “In August last year, a fund worth more than $1 million was unveiled in Mexico to be used in 2024 and 2025 for this purpose.”
The investment comes nearly 14 years after Netflix first debuted in Mexico in September 2011 before producing its first series in the country in 2015 with the show Club de Cuervos. In 2019, the first Netflix offices were opened in Mexico.
“This country holds a special place in Netflix’s own history,” Sarandos said at Thursday’s press conference. “We created it in Mexico for Mexico — and it paved the way for our programming strategy, which is all about local production.
“Being local is very important to us,” Sarandos added. “It’s why all of our series and films in Mexico are made in partnership with local production companies and local partners. Every single one. That means we’re investing in the creative community, and helping talented people find their calling in our industry. But we’re also helping people in other industries make a living, too — from catering and hotels, to transportation and manufacturing.”
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