Netflix has announced a massive $1 billion investment in Mexico over the next four years to boost the production of series and films, marking a significant expansion of the country's audiovisual industry.
Ted Sarandos, Co-CEO of Netflix, emphasized the impact of this investment, stating it would create jobs and opportunities throughout Mexico, Proceso reported. "Investments in the audiovisual industry have a multiplier effect," he said, citing a study that found the sector contributes $3 billion annually to the Mexican economy, with each dollar spent generating $1.6 in added value.
As part of the initiative, Netflix will collaborate with Mexico's renowned Churubusco Studios to upgrade its facilities. Sarandos highlighted the studio's legacy, noting that some of the country's greatest films have been produced there.
President Claudia Sheinbaum welcomed the announcement. "Today we have good news for Mexico," she said.
During the event, Sarandos gifted Sheinbaum a handmade shawl from the film adaptation of Pedro Páramo, crafted by master weaver Alejandro Vázquez from the State of Mexico, symbolizing Netflix's commitment to Mexico's rich cultural heritage.
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