Latest news with #ChurubuscoStudios
Yahoo
21-02-2025
- Entertainment
- Yahoo
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.
WIRED
20-02-2025
- Entertainment
- WIRED
Netflix Plans to Spend $1 Billion Making Content in Mexico Over the Next 4 Years
Feb 20, 2025 3:18 PM Netflix CEO Ted Sarandos says the money will go toward projects like Alfonso Cuarón's film Roma , which was made in Mexico and went on to international acclaim. Netflix CEO Ted Sarandos presents a gift to Claudia Sheinbaum, Mexico's president, during a press conference at the National Palace in Mexico City, Mexico, on Thursday. Photograph: MayoloStreaming juggernaut Netflix plans to spend $1 billion on film and TV production in Mexico over the next four years. CEO Ted Sarandos announced the plan Thursday during a press conference with Mexico's president, Claudia Sheinbaum. The injection of capital could fund 20 productions per year, on average. During Thursday's event, Netflix also announced a $2 million investment in Mexico City's Churubusco Studios to improve the facilities. The goal is to strengthen the national film industry. 'Our journey in Mexico has taken us from north to south. From sunsets on the Baja California peninsula to sunrises on the Caribbean coast,' Sarandos said. 'We have produced in more than 50 locations in 25 states. With this renewed commitment, we look forward to deepening our partnership even further.' Mexico occupies a key place in Netflix's history. The TV show Club de Cuervos, which was produced in the country and premiered in 2015, was the company's first series shot outside the United States. Since then, Netflix has continued to make projects in Mexico that have been popular both domestically and abroad. Films like Roma , Bardo, and Pinocchio, by Mexican directors Alfonso Cuarón, Alejandro González Iñárritu, and Guillermo del Toro, respectively, have been standouts for the streamer. In 2020, the company established its Latin American headquarters in Mexico City, and in the last five years its workforce has grown tenfold. 'Together with the government of Mexico and the industry, we will continue to fund programs that help develop diverse and creative behind-the-scenes talent in the world of entertainment,' Sarandos stressed. The CEO revealed that the recent production of the feature film Pedro Paramo contributed more than 375 million pesos (about $18 million) to Mexico's gross domestic product and generated thousands of jobs in sectors such as textile manufacturing, hospitality, and transportation. For her part, Sheinbaum noted Netflix's decision to invest in the country not only reflects Mexico's tax incentives and competitive production costs, but also the country's cultural and creative richness, a richness that has allowed the platform to expand through the production of original content. 'These productions are by Mexican talent; they don't come to a location to produce an idea that was generated somewhere else in the world because it's cheap,' Sheinbaum said. 'This is about Mexican talent, creativity and cultural richness.' She suggested that her administration will back these projects with possible government support for the sector. The business opportunities for Netflix in Mexico are evident. The country has millions of streaming customers and each maintains several subscriptions at a time, according to marketing firm Bango. Netflix is among 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. This content can also be viewed on the site it originates from.
