Netflix Plans to Spend $1 Billion Making Content in Mexico Over the Next 4 Years
Streaming 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