Netflix pledges $1 billion for production spending, expands New Mexico studio
Netflix plans to establish one of the largest production hubs in North America with an expansion of its existing studio complex in New Mexico and a commitment to an additional $1 billion in production spending, government and corporate leaders announced Monday. Ten new stages, post-production services, offices, mills, backlots and other infrastructure would be added to Netflix’s growing campus on the southern edge of Albuquerque. Aside from construction jobs, the project is expected to result in 1,000 production jobs over the next decade.
Netflix first marked its presence in New Mexico in 2018, when it announced it was buying Albuquerque Studios and pledged $1 billion in spending over a decade. At the time, government officials saw the move as a transformative victory for a state that has struggled to lessen its reliance on federal funding and oil and gas development.
Over the last 20 years, the film and television industry has become an economic force in New Mexico, with direct spending topping $525 million in the last fiscal year. “This is all outside money coming into the state, which would not be here otherwise,” state Economic Development Secretary Alicia J. Keyes told the commission during a meeting.
She said the partnership with Netflix should send a signal that New Mexico is the place to be for film and television production. Businesses have cropped up around the state to support the industry, she said, and data from the state film office suggests 40% of production budgets go to small, local vendors.
https://apnews.com/article/new-mexico-north-america-albuquerque-7c28e822bcf4170136bede07cda75d67
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