Netflix to Invest $1 Billion in Mexico: Boosting Local and Global Productions

Netflix, the renowned audiovisual production company, has announced a $1 billion investment in Mexico over the next four years. The announcement was made by Netflix's CEO, Ted Sarandos, in the presence of Mexican President Claudia Sheinbaum Pardo.

"President Sheinbaum, we share your vision of a bright and prosperous Mexico. As a result, we are committing $1 billion for the production of series and movies in Mexico over the next four years," said Sarandos. The investment aims to produce 20 local and global productions to be filmed in Mexico.

Sarandos emphasized Mexico's significant role in Netflix's history, noting that the first series produced outside of the United States, Club de Cuervos, was filmed in Mexico a decade ago.

During the press conference, Sarandos discussed various productions made in Mexico over the last decade, including Club de Cuervos and the recent film, Pedro Páramo. The latter contributed more than 75 million pesos to Mexico's GDP and required the production of over 5,000 costume pieces. Sarandos presented President Sheinbaum with a rebozo, a traditional Mexican shawl, used in the film and handcrafted by master weaver Alejandro Vázquez.

Sarandos also highlighted a recent study revealing that the audiovisual industry contributes $3 billion annually to Mexico's GDP. "Every dollar spent generates 1.6 dollars of added value," he said.

President Sheinbaum welcomed the announcement, emphasizing the economic and employment benefits of the audiovisual industry. She also noted the global recognition of Mexican films like Roma and Pinocchio, both Oscar winners.

When Sheinbaum was the head of government in Mexico City, Netflix chose the capital as its central headquarters for Latin American productions in 2020. This decision led to a tenfold increase in the workforce in recent years.

Sarandos recalled that during Sheinbaum's tenure, procedures for making movies and other audiovisual productions were simplified, leading to the creation of around 300,000 jobs.

Netflix's data shows that one of its recent productions, Pedro Páramo, contributed 375 million pesos to Mexico's GDP. In 2021, the audiovisual industry as a whole contributed $3 billion to the country's GDP.