Netflix to invest 1Bn euros in Spain productions till 2029

Netflix announced on Tuesday, June 10, that it will invest more than €1 billion (approximately $1.1 billion) in film and television productions in Spain over the next four years, solidifying the country’s status as one of the streaming giant’s key creative hubs in Europe.

Speaking at an event held at Netflix’s production studios near Madrid, the company’s co-chief executive Ted Sarandos highlighted the importance of the investment for both the platform and the Spanish economy.

“Over the next four years we plan to invest over one billion euros in Spain,” Sarandos said. “With this investment, we will be able to contribute even more to the Spanish economy, create more Spanish jobs, [and] tell more great stories made in Spain.”

Sarandos made the announcement alongside Spanish Prime Minister Pedro Sánchez as part of a celebration marking Netflix’s 10th anniversary in Spain.

The streaming service launched its first international production studios outside the United States in Madrid in April 2019, following the global breakout success of the Spanish-language series Money Heist. Since then, the 22,000-square-metre facility has evolved into one of Netflix’s major production centers in the European Union.

Netflix says its operations in Spain currently support more than 20,000 jobs, underlining the country’s growing role in the global entertainment landscape.

Source: LIB