Netflix to invest more than a billion euros in Spain over next four years

‘Over the next four years we plan to invest over one billion euros in Spain,’ Netflix co-chief executive Ted Sarandos said at an event in the company’s studios in Tres Cantos, near Madrid on Tuesday.

‘With this investment, we will be able to contribute even more to the Spanish economy, create more Spanish jobs, tell more great stories made in Spain,’ he said, standing alongside Spanish Prime Minister Pedro Sánchez (also together in main image). ALSO READ: Sánchez presents Spain in LA as the ‘Hollywood of Europe’ for film & TV productions.

The prime minister was accompanied by the Minister for Digital Transformation and Public Service, Óscar López. The event marked the 10-year anniversary of Netflix’s presence in Spain.

‘Culture is entertainment, but also education. It teaches us to see the world through new eyes and understand different realities. Culture is above all freedom. Thanks to those who make the magic of audiovisual possible and congratulations to Netflix for these 10 years in Spain,’ said Sánchez.

Netflix opened its studios in Spain — the first ones outside the United States — in April 2019, shortly after finding global success with the Spanish crime series ‘Money Heist’ (Casa de Papel).

Since then, it has turned the 22,000-square-metre studios into one of its main sites for film and TV production in the European Union. ALSO READ: Focus: Netflix picks Madrid for its largest studios in EU, helping Spain’s aim to be the ‘Hollywood of Europe’.

Netflix has produced more than 1,000 Spanish-language titles since 2017. Spanish ​films and series ha​ve proven highly successful for the streaming giant, generating over ​five billion viewing hours on the platform last year alone.

According to Netflix, its activity in Spain supports more than 20,000 jobs.