Netflix pledges $1 billion for production spending, expands New Mexico studio
Netflix pledged to spend an additional $1 billion on its productions and to expand its studio in Albuquerque, N.M., executive and government leaders announced on Monday.
The Albuquerque Development Commission approved the streaming company’s plans to expand its Albuquerque Studios to become one of the largest production sites in North America, The Associated Press reported. The city’s council still needs to back the plan, which it will review Dec. 7.
The expansion will add 300 acres to the southern Albuquerque site, including 10 new stages, post-production services, offices, mills and backlots.
When Netflix first acquired the studio in 2018, the company vowed to spend $1 billion over the next 10 years, but now Netflix has committed to another $1 billion in spending. The Albuquerque Studios expansion is expected to add 1,000 production jobs and almost 1,500 construction jobs in the state over the next decade.
“I am glad Netflix has chosen to double-down on its commitment to our state, and our partnership will continue to grow for the benefit of New Mexicans across the board,” Gov. Michelle Lujan Grisham (D) said in a statement.
Netflix co-CEO Ted Sarandos said the move was beneficial due to the location’s closeness to Los Angeles.
“It allows us to be more nimble in executing our production plans while cementing the status of the region as one of the leading production centers in North America,” he said.
Netflix reported spending more than $200 million, hiring more than 1,600 cast and crew and using more than 2,000 vendors since working in New Mexico in 2018.
State and local development funding amounting to $24 million will be directed to the project. Netflix vowed to provide training programs along with the New Mexico Film Office, universities and other organizations, as well as supporting Native American, Latino, Black and other underrepresented filmmakers.
Netflix has produced several projects in New Mexico since 2018 and is working on the original films “The Harder They Fall” and “Intrusion.”
Filming for the fourth season of “Stranger Things” is expected to begin soon in the area.
– Updated 11:35 a.m.