Latest news with #TresCantos
Forbes
2 days ago
- Business
- Forbes
Netflix Will Invest $1 Billion For Original Productions In Spain
Spain's Prime Minister Pedro Sánchez with Netflix co-CEO Ted Sarandos in Madrid during the ... More streaming company's 10th anniversary celebration. Netflix co-CEO Ted Sarandos announced the streaming giant will invest more than one billion euros in Spain (about US$1.14 billion) between 2025 and 2028, reinforcing its long-term commitment to original productions and helping support more than 20,000 jobs across the country. Sarandos revealed the company's plans at a special event celebrating Netflix's 10th anniversary in Spain, held at its 22,000-square-meter production hub in Tres Cantos, Madrid. Spain's Prime Minister Pedro Sánchez and other government officials attended the ceremony. "With this investment, we will be able to contribute even more to the Spanish economy. Create more Spanish jobs. Tell more great stories made in Spain. Support the next generation of creative talent here in Spain," said Sarandos, noting that Netflix has filmed in over 200 cities and towns across the country, bringing to the screen "all the different sides of Spain." The investment builds on Netflix's decade-long presence in Spain, during which the company has produced more than 1,000 Spanish titles since 2017. Spanish films and series have proven highly successful for Netflix, generating over five billion viewing hours on the platform last year alone. "Money Heist" (La Casa de Papel) was Netflix's first most-watched non-English language series. Major Spanish productions include global hits, such as its first original series Cable Girls and Money Heist (La Casa de Papel) - the streamer's first most-watched non-English-language series. "Dali masks, red jumpsuits, Bella Ciao - all of them have become instantly recognisable parts of the global culture," stated Sarandos, while showcasing some of Netflix's top Spanish originals, which also include Elite, its longest-running international series ever, and the Oscar-nominated film Society of the Snow, about the tragic 1972 plane crash in the Andes, which won 12 Goya awards. Another Spanish production, A Widow's Game (La viuda negra), based on real events, has been No. 1 on Netflix's Global Top 10 non-English films for the past two weeks. The company also produced a 10-year anniversary sizzle reel of its productions: Netflix's investment in Spain follows a similar billion-dollar commitment to Mexico announced earlier this year, reflecting the company's broader strategy to develop authentic regional content that appeals to both local and international audiences.
Daily Mail
2 days ago
- Business
- Daily Mail
Netflix defies Trump tariffs with $1B investment
Netflix is making a huge international investment, despite President Donald Trump 's wishes. The streaming giant's CEO, Ted Sarandos, announced a $1.14 billion investment to help produce a pipeline of new shows in Spain . He made the declaration during a press conference in Tres Cantos, Spain, on Tuesday. Sarandos said the money will flow into the region between 2025 and 2028. It comes after the President said in May that he would slap a 100 percent tariff on any movie produced outside of the US . Netflix first started making content in Spain in 2015, producing well-watched shows like Money Heist. The major film and TV producer has continued to build production capacity, including a 10 soundstage studio complex in Madrid. 'Alongside your rich cultural heritage, vibrant entertainment industry and brilliant creative talent, Spain is also a great place to do business,' Sarandos said to an audience of journalists, movie producers, and local politicians. 'The last 10 years have been nothing short of extraordinary.' Trump's tariff announcement earlier this year has confused film production leaders, and offered little detail about how the levy would work in practice. 'Other countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States,' the President claimed on his Truth Social platform. 'Hollywood and many other areas within the USA are being devastated.' Like the sweeping tariffs placed on other industries — like 50 percent steel and aluminum levies or 25 percent automotive import fees — President Trump believes that the higher taxes will motivate increased investment in US production. Netflix's stock tumbled the day after the social media post . But it's impossible to know the knock-on impacts if Trump's policy was implemented. The White House hasn't revealed how it plans on assessing the value of international films before the tariff is applied. 'Although no final decisions on foreign film tariffs have been made, the Administration is exploring all options to deliver on President Trump's directive to safeguard our country's national and economic security while Making Hollywood Great Again,' White House spokesman, Kush Desai, said. In 2024, film industry experts reported a schedule of 5,048 total film and TV shoot days in Hollywood. That is good for a 36.4 percent drop from the five-year average. Other US production hubs, like Atlanta and Austin, have seen slower growth. Analysts worry that Trump's potential policy could make streamers slow down the number of shows they could produce. 'There's also a risk of retaliatory tariffs against American content overseas,' Barton Crockett, an analyst with Rosenblatt Securities, told Reuters. 'Raising the cost to produce movies could lead studios to make less content.' Hollywood production companies had already been in the crosshairs of back-and-forth tariff threats in the US trade war with China. Beijing is restricting the number of movies produced in Hollywood that can play in China, a move that can destroy the bottom line for multiple major US producers. Netflix's investment in Spain also comes as the company wrangles with regulators in other countries.
Daily Mail
2 days ago
- Business
- Daily Mail
Netflix defies Trump's movie tariffs with $1 billion investment: 'Nothing short of extraordinary'
Netflix is making a huge international investment, despite President Donald Trump's wishes. The streaming giant's CEO, Ted Sarandos, announced a $1.14 billion investment to help produce a pipeline of new shows in Spain. He made the declaration during a press conference in Tres Cantos, Spain, on Tuesday. Sarandos said the money will flow into the region between 2025 and 2028. It comes after the President said in May that he would slap a 100 percent tariff on any movie produced outside of the US. Netflix first started making content in Spain in 2015, producing well-watched shows like Money Heist. The major film and TV producer has continued to build production capacity, including a 10 soundstage studio complex in Madrid. 'Alongside your rich cultural heritage, vibrant entertainment industry and brilliant creative talent, Spain is also a great place to do business,' Sarandos said to an audience of journalists, movie producers, and local politicians. 'The last 10 years have been nothing short of extraordinary.' Trump's tariff announcement earlier this year has confused film production leaders, and offered little detail about how the levy would work in practice. 'Other countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States,' the President claimed on his Truth Social platform. 'Hollywood and many other areas within the USA are being devastated.' Like the sweeping tariffs placed on other industries — like 50 percent steel and aluminum levies or 25 percent automotive import fees — President Trump believes that the higher taxes will motivate increased investment in US production. Netflix's stock tumbled the day after the social media post. But it's impossible to know the knock-on impacts if Trump's policy was implemented. The White House hasn't revealed how it plans on assessing the value of international films before the tariff is applied. 'Although no final decisions on foreign film tariffs have been made, the Administration is exploring all options to deliver on President Trump's directive to safeguard our country's national and economic security while Making Hollywood Great Again,' White House spokesman, Kush Desai, said. In 2024, film industry experts reported a schedule of 5,048 total film and TV shoot days in Hollywood. That is good for a 36.4 percent drop from the five-year average. Other US production hubs, like Atlanta and Austin, have seen slower growth. President Trump recently threatened studios producing content outside the US with a 100 percent tariff - but his social media post didn't detail how the administration would administer the tax Netflix has fought back against regulators in other countries, including France, as it tries to expand into new markets Analysts worry that Trump's potential policy could make streamers slow down the number of shows they could produce. 'There's also a risk of retaliatory tariffs against American content overseas,' Barton Crockett, an analyst with Rosenblatt Securities, told Reuters. 'Raising the cost to produce movies could lead studios to make less content.' Hollywood production companies had already been in the crosshairs of back-and-forth tariff threats in the US trade war with China. Beijing is restricting the number of movies produced in Hollywood that can play in China, a move that can destroy the bottom line for multiple major US producers. Netflix's investment in Spain also comes as the company wrangles with regulators in other countries. In April, the company published an open letter asking French authorities to change their media chronology rules. Right now, the company must wait 15 months between releasing films in theatres and launching them on their platform. Netflix wants the country to trim down the timeline.
