Netflix to Invest $1B in Mexico Over Four Years to Produce Movies and Shows In Country – Hollywood Reporter
Subscribe for full access to The Hollywood ReporterSubscribe for full access to The Hollywood Reporter”This country holds a special place in Netflix’s own history,” co-CEO Ted Sarandos said during a press conference in Mexico City.
By
Georg Szalai
Global Business Editor
Netflix has committed to invest $1 billion in Mexico for the production of series and films over the next four years, meaning from 2025 through 2028, co-CEO Ted Sarandos said during a press conference with Mexico’s President Claudia Sheinbaum on Thursday.
“This investment, and the productions derived therefrom, will benefit Mexican production companies and will contribute to the growth of the local audiovisual industry and the creation of opportunities nationwide,” the streaming giant said.
Netflix will also invest $2 million in Mexico City’s iconic Churubusco Studios, one of the oldest and largest production facilities in Mexico, to “elevate” its facilities. The streaming company will continue creating and funding programs that help develop diverse and creative talents behind the camera, so that they may develop their careers in the entertainment industry. In August last year, a fund worth more than $1 million was unveiled in Mexico to be used in 2024 and 2025 for this purpose.
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The global streamer has a long history in Mexico. In September 2011, Netflix became available in the country. In 2015, the company produced its first series outside the U.S. in Mexico, namely Club de Cuervos.
In 2019, Netflix opened its first offices in Mexico and then decided in 2020 to set up its Latin American headquarters there. “Over the past six years, Netflix’s local employee base has increased more than tenfold, from 30 employees to nearly 400,” according to the streamer.
“This country holds a special place in Netflix’s own history,” Sarandos said during Thursday’s press conference, referencing Club de Cuervos. “We created it in Mexico for Mexico — and it paved the way for our programming strategy, which is all about local production.
“Being local is very important to us,” Sarandos added. “It’s why all of our series and films in Mexico are made in partnership with local production companies and local partners. Every single one. That means we’re investing in the creative community, and helping talented people find their calling in our industry. But we’re also helping people in other industries make a living, too — from catering and hotels, to transportation and manufacturing.”He continued: “A film called Roma, which was made here, won the Oscar for best [international] feature — it was a first for Netflix and for Mexico. In fact, it won three Academy Awards on that night. We were also proud to produce Alejandro G. Iñárritu’s Bardo, which was the Mexican submission for the Oscars in 2022. And a year after that, Guillermo del Toro’s Pinocchio won for best animated feature — which was another first for both Netflix and Mexico.”Concluded Sarandos: “Over the years, we’ve worked with Mexican creators on hundreds of other series and films that have captured the hearts of Mexican audiences — from The House of Flowers to Where the Track Ends, to the recently announced Love Sick and The Dead Girls. And we can’t wait for you to see a new documentary on the life and art of Juan Gabriel, which is coming soon. All of this helps explain why in 2020, when President Sheinbaum was the mayor of Mexico City, we decided to establish our Latin American headquarters here.”
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