Netflix Investing $100 MN In Production Hub Is A Well Planned Move

Netflix Investing $100 MN In Production Hub Is A Well Planned Move

Date: April 05, 2024

Netflix’s new development will create 127 new jobs.

Netflix is extending its love for New York City. Having already filmed so many films in the city, it is planning to invest $100 million to build its production house.

New York Governor, Andrew Cuomo, confirmed the news of the new Netflix office by stating,

“Netflix is opening a production hub in New York City that will bring "up to $100 million in investments to the city."

You must be thinking what is the reason for this move? Right? Well, for your information, opening the production house in New York City by the company is a well-planned move as New York is stacked with the entertainment business and it will ease the process of bringing acting and production talent.

The streaming media company, Netflix, had planned to include a Manhattan office with six sound stages in Brooklyn. Empire State Development Corp. reported that the company’s office shifting plan could attract hundreds of executive positions and thousands of production crew jobs to New York in the coming five years.

Jason Hariton, director of Worldwide Studio Operations & Real Estate at Netflix said,

“New York has created a film-friendly environment that’s home to some of the most creative and executive talent in the world, and we’re excited to provide a place for them on Netflix with our production hub.”

Netflix’s new corporate offices will settle in 100,000 square feet in Manhattan at 888 Broadway. It will inhabit 127 new executive content writers, production, legal, marketing, and development personnel. The new workforce will accompany 32 existing employees who presently operate from New York.

The state has promised to provide $4 million in Excelsior tax credits based on performance over the past 10 years. In return, Netflix should create 127 promised office jobs by 2024 and must maintain those positions for the next five years.

The move makes a lot of sense for Netflix, as this will help it tap into New York City's vast entertainment business. It won't have to go far to bring in top acting and production talent. It also reflects Netflix's deepening commitment to the production side of movies and TV, coming months after the company bought its first production studio complex.

Netflix has secured the first position in the Hired’s 2018 survey of tech workers ranking the companies they’d most like to work for.

The expansion of the Netflix office represents that New York is still a hotspot for large corporate houses.

Arpit Dubey

By Arpit Dubey LinkedIn Icon

Arpit is a dreamer, wanderer, and a tech nerd who loves to jot down tech musings and updates. With a logician mind, he is always chasing sunrises and tech advancements while secretly preparing for the robot uprising.

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