Netflix to invest $1 billion in New Mexico for production hubAll Articles
Movie and television show streaming giant Netflix is set to open its first production studio in Albuquerque, New Mexico. The production studio is expected to bring $1 billion to the New Mexico economy.
Netflix plans to purchase ABQ Studios, as it makes Albuquerque its next production hub. ABQ Studios is billed as the first studio purchase for Netflix in the country. The entertainment giant is investing $1 billion over the next 10 years and set to create 1,000 jobs per year in New Mexico.
"Our experience producing shows and films in New Mexico inspired us to jump at the chance to establish a new production hub here," said Ty Warren, Vice President, Physical Production for Netflix. "The people, the landscape and the facilities are all stellar and we can't wait to get to work, and employ lots of New Mexicans, creating entertainment for the world to enjoy. We are grateful to Governor Martinez, Mayor Keller and the people of New Mexico for the opportunity to create a new 'home away from home' here in Albuquerque."
The effort to bring Netflix to Albuquerque will be made possible through the Local Economic Development Act (LEDA) funding. The State of New Mexico will provide up to $10 million in LEDA funding and the City of Albuquerque will commit up to $4.5 million in local LEDA funding to the project. LEDA is a financial incentive used by the state and local governments as a closing fund to recruit new businesses and grow existing businesses in New Mexico.
"Netflix is at the cutting edge of the film and television industry and it's an honor to welcome them to New Mexico," said Governor Susanna Martinez. "After years of hard work to cut taxes and make New Mexico business-friendly, we're seeing incredible results. Now, New Mexico is leading the nation in economic growth and lowering unemployment and we've brought the world's leading internet entertainment service, Netflix, to our state."
"Landing Netflix is a transformative victory that will change the business landscape in the Duke City," said Mayor Tim Keller. "The city has leveraged the groundwork laid over the years by our partners in the film and TV industry and we've made sure that film and the creative economy remained a tenet of our economic development plan so we can create accessible, high-paying jobs in this industry. Now viewers all over the world will be able to experience the most beautiful and livable city in the Southwest while watching their favorite Netflix content."
Netflix is an Internet subscription service for watching television shows and movies. It operates in three segments: Domestic Streaming, International Streaming and Domestic DVD. The company offers TV shows and movies, including original series, documentaries and feature films. It offers members with the ability to receive streaming content through a host of Internet-connected screens, including TVs, digital video players, television set-top boxes and mobile devices. The company was founded in 1997 and is headquartered in Los Gatos, California.
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