Netflix, the prominent streaming service, has unveiled plans to allocate $1 billion towards film and TV production in Mexico over the next four years. This announcement was made by CEO Ted Sarandos during a press conference held with Mexico’s President, Claudia Sheinbaum. This financial commitment is expected to support approximately 20 productions annually.
Furthermore, Netflix disclosed a $2 million investment in Churubusco Studios located in Mexico City to enhance their facilities with the aim of bolstering the national film industry. Sarandos commented on the company’s journey in Mexico, highlighting its expansive production efforts across more than 50 locations in 25 states, and expressed enthusiasm about further strengthening their partnership in the region.
Mexico holds a significant place in Netflix’s historical achievements. The television series “Club de Cuervos,” filmed in Mexico and launched in 2015, was Netflix’s first series shot outside the United States. Since then, Netflix has continuously created successful projects within the country that resonate both domestically and internationally. Notable films such as “Roma,” “Bardo,” and “Pinocchio” by acclaimed Mexican directors Alfonso Cuarón, Alejandro González Iñárritu, and Guillermo del Toro, respectively, have been highlighted for their success on the platform. In 2020, Netflix established its Latin American headquarters in Mexico City, and its workforce in the area has expanded tenfold over the past five years.
Sarandos emphasized the collaborative efforts with the Mexican government and entertainment industry to support programs fostering diverse and creative talent. He also revealed that the production of the feature film “Pedro Paramo” had a substantial impact, contributing over 375 million pesos (approximately $18.5 million) to Mexico’s GDP and creating numerous jobs across various sectors such as textile manufacturing, hospitality, and transportation.
President Sheinbaum remarked that Netflix’s investment decision underscores not only Mexico’s attractive tax incentives and competitive production costs but also its abundant cultural and creative resources, which have facilitated Netflix’s production of original content in the country. She emphasized the role of Mexican talent and creativity in these productions, distinguishing them from projects that merely use Mexico as a low-cost filming location. She also suggested the possibility of government support for these initiatives.
Netflix sees significant business opportunities in Mexico, where millions of streaming customers often maintain multiple subscriptions. According to marketing firm Bango, Netflix is one of the top three most popular streaming platforms among Mexicans. A study by HR Media ranks it as the second-most-used video-on-demand service, capturing a 21 percent market share.
