Streaming juggernach Netflix Plans to spend 1 billion US dollar for film and television production in Mexico in the next four years. CEO Ted Sarandos announced the plan on Thursday during a press conference with Mexican President Claudia Sheinbaum. The injection of capital could finance an average of 20 productions per year.
During the event on Thursday, Netflix also announced An investment of 2 million US dollars in the Churubusco studios of Mexico city to improve the facilities. The goal is to strengthen them National film industry.
“Our trip in Mexico led us from north to south. From sunsets on the Baja California peninsula to sunrises on the Caribbean coast, ”said Sarandos. “We produced at more than 50 locations in 25 countries. With this renewed commitment, we look forward to deepening our partnership even further. “
Mexico occupies a key position in Netflix’s story. The TV show Cuervos Club, That was produced in the country and premiered in 2015 was the company’s first series outside the United States.
Since then, Netflix has continued to do projects in Mexico that were popular in Germany and abroad. Like films RomaPresent Bardo, And Pinocchio, By Mexican directors Alfonso Cuarón, Alejandro González Iñárritu and Guillermo del Toro were outstanding for the streamer. In 2020, the company founded its Latin American headquarters in Mexico city and in the past five years its workforce has grown ten times.
“Together with the government of Mexico and the industry, we will continue to finance programs that help develop various and creative talents behind the scenes in the world of entertainment,” emphasized Sarandos.
The CEO revealed that the youngest Production of the feature film Pedro Paramo more than 375 million pesos (approx. 18.5 million US dollars) contributed to the gross domestic product Mexico and generated thousands of jobs in sectors such as textile production, hospitality and transport.
In its part, Sheinbaum found that Netflix ‘decision to invest in the country not only reflects the tax incentives and competitive production costs of Mexico, but also the cultural and creative wealth of the country, a wealth that made it possible for the platform, through production to expand from original content.
“These productions come after Mexican talent; They do not come to a place to produce an idea that was generated elsewhere in the world because it is cheap, ”said Sheinbaum. “This is about Mexican talent, creativity and cultural wealth.” She suggested that her administration will support these projects with a possible support from the government for the sector.
The business opportunities for Netflix in Mexico are obvious. The country has millions of streaming customers and, according to marketing company Bango, maintains several subscriptions at the same time. Netflix is one of the three most popular platforms among Mexicans. According to a study by HR Media, it is the second most used video-on-demand application with a market share of 21 percent.
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