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 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. ... Read full article.