Netflix will invest US$1 billion (A$1.56 billion) into production in Mexico, with the goal of producing 20 films and series in the country each year.
The deal involves four years of investment. Netflix’s first foray into Mexico was 2015 series Club de Cuervos, and its portfolio has included 2018’s Roma, the streamer’s first film to be nominated for the Academy Award for Best Picture.
“President Sheinbaum, at Netflix we share your vision of a vibrant, prosperous Mexico full of growth and opportunity. And we want to play our part in making it a reality,” said Netflix CEO Ted Sarandos at a press conference with Mexican President Claudia Sheinbaum.
“Our journey in Mexico so far has taken us from North to South — from Baja California’s sunset shores to the Caribbean's sunrise sands. We have produced in over 50 locations across 25 states. And with this renewed commitment, we look forward to deepening our partnership even more.”
According to Sarandos, its 2024 film Pedro Páramo contributed more than MX₱375 million (A$28.8 million) to the country’s economy.
Netflix will continue to fund programs developing diverse talent behind the camera in Mexico, Sarandos said. Netflix’s Latin American headquarters have been based in Mexico City since 2020.
Non-English productions made up almost a third of all viewings on the platform in the first half of 2024. Mexico’s streaming video on-demand market is valued at US$2.66 billion.
The streamer is currently partway through a similar four-year deal with South Korea. Announced in 2023, Netflix agreed to invest US$2.5 billion into Korean series and films.
Netflix’s share price (NASDAQ: NFLX) closed at US$1,024.54, down from its previous close at $1,043.33.
