President Claudia Scheinbaum and Ted Sarandos following the announcement of Netflix’s $1 Billion … [+]
Netflix is doubling down on its commitment to content development in Mexico with a groundbreaking $1 billion investment to produce series and films in the country over the next four years.
Co-CEO Ted Sarandos made the announcement during a press conference alongside Mexican President Claudia Sheinbaum, emphasizing the company’s dedication to fostering local talent, creating jobs, and expanding the global reach of Mexican stories.
”This country holds a special place in Netflix’s own history. It was here, 10 years ago, where we produced our first series outside of the United States called Club de Cuervos. We created it in Mexico for Mexico - and it paved the way for our programming strategy, which is all about local production,” stated Sarandos during his keynote speech.
Netflix opened its first offices in Mexico in 2019 and a year later 2020, when President Sheinbaum was the mayor of Mexico City, established its Latin American headquarters here as part of its content expansion plans in the region.
Ted Sarandos highlights Netflix’s success with the Oscar-winning film “Roma.”
Sarandos highlighted how that decision, and a belief in the value of partnering with local production companies, led to a fruitful collaboration that resulted in a series of high-profile successes, such as the making of the film Roma, which earned Netflix and Mexico their first Oscar. The film picked up three Academy Awards in 2019: for Best Foreign Language Feature and Best Director and Best Cinematography wins for Alfonso Cuarón.
The company also produced Alejandro G. Iñárritu’s Bardo, Mexico’s submission for the Oscars in 2022. And a year later, Guillermo del Toro’s Pinocchio won an Oscar for Best Animated Feature – another first for both Netflix and Mexico.
”Over the years, we’ve worked with Mexican creators on hundreds of other series and films that have captured the hearts of Mexican audiences – from The House of Flowers to Where the Track Ends,” said Sarandos. “And we can’t wait for you to see a new documentary on the life and art of Juan Gabriel, which is coming soon.”
The investment will fund the production of series and films in collaboration with local companies, ensuring that every project is rooted in Mexican talent and culture.
Ted Sarandos discusses Netflix’s upcoming documentary on the late Juan Gabriel, as Mexican President … [+]
Sarandos additionally announced a $2 million investment in the iconic Churubusco Studios to elevate its facilities. Netflix will also continue funding programs to develop diverse talent behind the camera, building on its existing initiatives with organizations like the Mexican Academy of Motion Picture Arts and Sciences and the Morelia Film Festival.
The Netflix Co-CEO pointed to the multiplier effect and economic impact of Netflix’s productions, citing how the recent Pedro Páramo film, starring Manuel García Rulfo (The Lincoln Lawyer) contributed over 375 million pesos (about $18.5 million dollars) to Mexico’s GDP, employed thousands of local crew members, and collaborated with traditional textile artisans to create more than 5,000 pieces of wardrobe. Beyond the production itself, the film’s impact extended to a surge in book sales, with demand for the original novel tripling nearly 70 years after its release.
Sarandos expressed optimism about the opportunities in store over the next four years that will continue to bolster Mexico’s creative output for global consumption.
“With this renewed commitment, we look forward to deepening our partnership even more,” adding that he looks forward “to not only grow the economy and create opportunity, but to bring more of this beautiful Mexican rich cultural heritage to the world.”
