SAN DIEGO (Border Report) — Over the next four years, Netflix has pledged $1 billion to develop and produce films and series in Mexico, according to Ted Sarandos, Netflix co-executive director.
The company’s investment was announced Thursday morning during Mexico President Claudia Sheinbaum’s daily news conference in Mexico City.
Sarandos said about 20 productions per year will be the goal.
The agreement is expected to generate thousands of jobs and career opportunities in Mexico.
“President Sheinbaum and Netflix share a vision of a vibrant and prosperous Mexico filled with growth and opportunities,” said Sarandos. “We want to contribute and make this a reality, it will help grow the audiovisual industry while generating jobs throughout the country.”
Sheinbaum praised Netflix’s involvement in Mexico and pointed out the company has already made a big impact on her country’s economy.
“The amount of jobs that has been generated as productions have increased, it’s been about 300,000 jobs, an impressive number, you also have hotel rooms being rented, food distribution, transportation and the local productions themselves,” said Sheinbaum.
Mexico was the first country, outside the United States, where Netflix set up productions. One of its projects, a film called Roma, won an Academy Award.
According to Sarandos, Netflix has produced more than 50 series and films at different locations around Mexico in 25 states.
“I love coming back to Mexico City, every time I return it surprises me with a mix of the old with the new in terms of history and culture, it’s inspiring to see so much creativity is in Mexico, from art to food, architecture, literature and of course its stories,” said Sarandos.