Netflix says to spend $1 billion producing content in Mexico

Netflix said Thursday that it would spend $1 billion over four years producing films and series in Mexico, in a boost to the government's efforts to attract investment in the face of US tariff threats.

The streaming platform's co-chief executive Ted Sarandos made the announcement at a news conference alongside Mexican President Claudia Sheinbaum, who hailed the plan as a win for Latin America's second-largest economy.

Sarandos said Mexico -- which is home to Netflix's Latin American headquarters -- was a "very important" and growing part of the company's regional and global operations.

"President Sheinbaum, we look forward to working with you and your many teams within the government not only to grow the economy and to create opportunity but to bring more of this beautiful Mexican rich culture and heritage to the world," he said.

Sarandos highlighted the success of previous productions in Mexico such as Alfonso Cuaron's 2018 Oscar-winning "Roma."

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"Over the years, we've worked with hundreds of Mexican creators on hundreds of stories and films that have captured the hearts of Mexican audiences," he said.

"Being local is very important to us. It's why all of our series and all of our films that we make in Mexico, we make in partnership with local production companies. Every single one," he added.

"That means that we're investing in the creative community, helping talented people find their calling in our industry, but we're also helping people in other industries too. This industry has been very positive for catering, for hotels, for transportation, and for manufacturing as well."

He said the recent production of the film "Pedro Paramo" had contributed $18 million for the Mexican economy and given work to thousands of people.

'Vibrant, prosperous Mexico'

The announcement comes days after Sheinbaum welcomed planned investments by Spain's biggest bank, Santander, totaling more than $2 billion over three years.

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Last month, Sheinbaum presented a plan aimed at turning Mexico into the world's 10th-largest economy with an ambitious goal of luring $277 billion of investment.

Her government is trying to avoid the sweeping 25-percent tariffs threatened by US President Donald Trump by increasing cooperation in the fight against illegal flows of drugs and migrants.

Sarandos said the Netflix investment would "help grow the audiovisual industry, creating jobs and opportunity across the entire country."

"President Sheinbaum, at Netflix we share your vision for a vibrant, prosperous Mexico filled with growth and opportunity, and we want to play a part in that history as well," he said.

Sheinbaum welcomed the investment, saying: "Mexico is so great that they decided to invest here."

She underscored her efforts in her previous job as Mexico City mayor to make it easier for production companies like Netflix to work in the capital.

Source: AFP