Netflix is an Economic Driver With Purchase of New Mexico Studio

Netflix is an Economic Driver With Purchase of New Mexico Studio

Netflix is setting itself as an essential economic contributor as it selects the state of New Mexico as the location of a new production center.

The streaming service giant is on the final stage of negotiating to purchase a multimillion-dollar studio compound, ABQ Studios, in the largest urban area of the state.

The initiative is anticipated to result to a $1-billion spending in the next ten years, helping New Mexico by contributing to up to 1,000 jobs created yearly.

A back lot, a number of sound stages, a mill space, and production offices are reported to make up the said property.

On Monday, corporate heads and government officials from New Mexico confirmed the streaming service provider’s next production agenda in Albuquerque and other communities around the state.  

As Netflix expands its empire, New Mexico’s state and local governments are reported to be committing approximately $14.5 million in the funding of the project.

Albuquerque Mayor Tim Keller and Governor Susana Martinez both praised Netflix’s investment to the state. They said that integrating New Mexico in the film-making map is advantageous.

Martinez attributed Netflix’s decision to the state’s endeavor of cutting taxes and making itself conducive to investors.

Moreover, Keller pointed out that the city of Albuquerque has developed the foundation to ensure that the movie industry is a component of its economic development agenda.

The city’s chief executive referred to Netflix’s decision as a victory that is transformative for Albuquerque.

“Longmire” and Emmy Award-winning limited series “Godless” are among the Netflix shows made in New Mexico.

The officials from the streaming service provider noted that their past experiences of working in the state encouraged them to eagerly accept the opportunity of building a new production site in Albuquerque.

At the new facility in New Mexico, the forthcoming Netflix drama series “Messiah” and “Chambers” are already being filmed. A third program, “Daybreak,” will also be made there.

Based on statistics provided by the New Mexico Film Office, since 2014, the film industry of the state has attracted more in-state direct spending from TV and movie productions every year. Last fiscal year, the sector has reached $505 million.

Netflix has been rapidly expanding. With over 130 million customers worldwide, the streaming service provider is also spending an estimated $8 billion on content production this year.

Emma Cassidy
the authorEmma Cassidy
Emma is a Sports writer and loves talking and learning about new Sports. She studied journalism at The City College of New York. She loves watching American Sports as well as watching her children play. When she gets some free time she likes to read books by "Jacqueline Wilson".

Leave a Reply

%d bloggers like this: