Case Study: Netflix
On October 18, 2018, the State of New Mexico and City of Albuquerque joined Netflix in announcing the company has chosen Albuquerque as the site of its new U.S. production hub. Netflix will purchase ABQ Studios, located at Mesa del Sol, and ultimately spend $1 billion here. The deal will also bring about 1,000 film and television production jobs per year.
This is the first studio purchase for the company, which leases production facilities in Atlanta, Los Angeles and Vancouver. Opened in 2007, ABQ Studios has eight sound stages, production offices, and a back lot on 28 acres.
About the Company
The company was started in 1997 as a DVD-rental-by-mail business. It struggled in its first decade, and began streaming content in the U.S. in 2007. Today Netflix, Inc. is the world’s leading internet television network with over 117 million streaming memberships in over 190 countries. Netflix is available virtually everywhere except in China, having launched 130+ new markets in 2016. The company’s strategy is to expand internationally as fast as possible while staying profitable. Netflix’ first international markets, Canada, Latin America, the UK, Ireland, the Nordic countries and the Netherlands, are growing rapidly.
Economic Development Toolbox
- State LEDA investment of $10 million
- City of Albuquerque LEDA investment of $4.5 million
