Netflix Pledges $1 Billion to Mexico Over Next 4 Years to Bolster Country's Industry
Netflix is doubling down on its investment on Mexico, pledging $1 billion over the next four years.
The move, which was unveiled during a Thursday press conference with co-CEO Ted Sarandos and Mexican President Claudia Sheinbaum, is aimed at 'growing the audiovisual industry and creating jobs and opportunities all across the country.'
As part of the investment, the streamer will give $2 million to 'elevate' Mexico City's iconic Churubusco Studios, one of the country's oldest and largest production facilities. Netflix will also continue creating and funding programs to provide more opportunities to diverse and creative talents behind the camera after unveiling a $1 million fund for this purpose last year.
'President Sheinbaum, at Netflix, we share your vision of a vibrant, prosperous Mexico full of growth and opportunity. And we want to play our part in making it a reality,' Sarandos said. 'Our journey in Mexico so far has taken us from North to South — from Baja California's sunset shores to the Caribbean's sunrise sands. We have produced in over 50 locations across 25 states. And with this renewed commitment, we look forward to deepening our partnership even more.'
Netflix has notably had a longstanding relationship with Mexico, producing its first-ever series outside the United States, 'Club de Cuervos,' in the country 10 years ago.
'We created it in Mexico for Mexico — and it paved the way for our programming strategy, which is all about local production,' Sarandos added.
Other projects he touted that were collaborations with Mexico include 'Roma,' Alejandro G. Iñárritu's 'Bardo' and Guillermo del Toro's 'Pinocchio,' as well as 'The House of Flowers,' 'Where the Track Ends,' 'Love Sick,' 'The Dead Girls,' and a new documentary on the life and art of Juan Gabriel. Additionally, Sarandos said making 'Pedro Páramo' in Mexico contributed over 375 million MXN ($18.4 million) to the country's economy.
Netflix opened its first offices in Mexico in 2019 and set up its Latin American HQ there in 2020. In the past six years, the company's local staff has grown from 30 to nearly 400 employees.
The post Netflix Pledges $1 Billion to Mexico Over Next 4 Years to Bolster Country's Industry appeared first on TheWrap.
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