In a Thursday news conference with Mexico’s President Claudia Sheinbaum, Netflix co-CEO Ted Sarandos announced a $1 billion investment in Mexican film and television production over four years.
“I’m happy to announce that Netflix will be investing $1 billion to produce series and films in Mexico over the next four years—growing the audiovisual industry and creating jobs and opportunities all across the country,” he stated.
He noted Netflix’s decade-long relationship with Mexico, which began with Club de Cuervos, and the economic impact of its productions in Mexico, including Pedro Paramo, which contributed over 375 million pesos (about $18.5 million) to Mexico’s GDP.
Sarandos emphasized that Mexico’s audiovisual business contributes $3 billion to the economy, with every dollar spent yielding $1.6 in added value, according to a recent study.Netflix produces in over 50 locations in 25 states in Mexico; he said, “With this renewed commitment, we look forward to deepening our partnership even more.”
Sarandos also stated that Netflix is working with Churubusco Studios, one of Mexico’s most famous film studios, to improve its infrastructure and develop different entertainment talent programs.
