Streaming platform Netflix announced Thursday plans to invest US $1 billion in Mexico over the next four years, to produce films and TV series.
Speaking at President Claudia Sheinbaum’s daily morning press conference in Mexico City, Netflix CEO Ted Sarandos said he looked forward to entering more partnerships with producers in the country.
“Our journey in Mexico has taken us from north to south, from sunsets on the Baja California peninsula to sunrises on the Caribbean coast. We have produced in more than 50 locations in 25 states. With this renewed commitment, we hope to further deepen our partnership,” Sarandos said.
He also announced a collaboration with Mexico City’s iconic Estudios Churubusco to improve its facilities. The goal, Sarandos said, is to strengthen the national film industry.
“This country holds a very special place in Netflix’s history,” Sarandos said, referring to the TV show Club de Cuervos, which aired ten years ago. It was the company’s first-ever original production outside of the United States.
“[Club de Cuervos] paved the way for our programming strategy, which is all about local production,” he said.
Sarandos also recalled Roma, Netflix’s first original film ever to win an Academy Award in the foreign picture category. Alfonso Cuarón’s movie was also the first Mexican film to win an Oscar for Best Foreign Picture. He also recalled Pinocchio, by Guillermo del Toro, which gave Netflix – and Mexico – its first ever Oscar for an animated film.
These are only a few examples of Mexican productions. Others include La Casa de Las Flores, Los Dos Hemisferios de Lucca, Luis Miguel La Serie, or the upcoming documentary about the life of Mexican singer Juan Gabriel, among others.
“In collaboration with the Mexican government and the industry, we will continue to fund programs that help diverse and creative talents behind the camera develop in the world of entertainment,” Sarandos said.
The recent production of the feature film Pedro Páramo (based on the Mexican book by the same name) contributed more than 375 million pesos (US $18 million) to Mexico’s GDP and generated thousands of jobs in sectors such as textile manufacturing, hospitality and transportation.
During her speech, Sheinbaum said that Netflix’s decision to invest in Mexico not only responds to tax incentives or competitive production costs but also to the cultural and creative wealth of the country that has allowed the platform to expand through the production of original content.
Netflix established its Latin American headquarters in Mexico City in 2020, during Sheinbaum’s term as the capital’s mayor. In the last five years, Sarandos said its workforce has grown tenfold.
Mexico News Daily
