Netflix commits $1 billion to make New Mexico home to one of the world's largest studios

 

Netflix is committing $1 billion in production spend at its ABQ Studios in Albuquerque, New Mexico along with plans to expand those studios, the company said.

In an announcement alongside New Mexico's Governor, Michelle Lujan Grisham, and Albuquerque Mayor, Tim Keller, Netflix's chief executive Ted Sarandos said the company would add 300 acres to its existing space in ABQ Studios, creating one of the largest film production facilities in North America.

That means roughly 1,000 new production jobs in New Mexico over the next ten years, the company predicted and an additional 1,467 construction jobs to complete the expansion.

'My administration has expanded our state's competitive film incentives, facilitating higher-wage employment for New Mexicans all across the state, and increased opportunities for rural communities,' said Governor Michelle Lujan Grisham.

The proposed expansion and $150 million in capital expenditures will add ten new stages, post-production services, mills, backlots, and training facilities, wardrobe suites, a commissary, and other flexible buildings.

New Mexico's government is providing $17 million in funding and the city of Albuquerque is providing another $7 million in financing, including $6 million in infrastructure in-kind financing.

The city is also issuing bonds to abate property and other taxes over a 20-year term to cover the first $500 million investment by Netflix to build out the production facility.

As part of the deal, Netflix has also agreed to lease 130 acres from the State Land Office in addition to the private purchase of another 170 acres.

New Mexico's Economic Development Department Cabinet Secretary, Alicia J. Keyes, said the deal could ultimately result in $2.5 billion worth of spending in the state.

Netflix also committed to supporting the state's indigenous, latino, Black and other underrepresented content creators and filmmakers.

Productions filming in New Mexico currently include 'The Harder They Fall' and 'Intrusion' â€" and the company expects to begin shooting the next season of 'Stranger Things' in the state.

 

Source : https://techcrunch.com/2020/11/23/netflix-commits-1-billion-to-make-new-mexico-home-to-one-of-the-worlds-largest-studios/