September 15, 2019

Good News For New Mexico!

Over the next 10 years Netflix plans to invest $1 billion and create 1000 jobs per year in New Mexico, the state said today.

Article from the Albuquerque Business First Journal
By Ron Davis – Reporter, Albuquerque Business First
October 8, 2018

Netflix has chosen Albuquerque as its next production hub. Gov. Susana Martinez announced Monday that the Los Gatos, California-based entertainment giant is coming to the Land of Enchantment. Over the next 10 years, Netflix is set to invest $1 billion and create 1,000 jobs per year in New Mexico. Netflix is also in final negotiations to purchase Albuquerque Studios, according to a news release.

“Netflix is at the cutting edge of the film and television industry and it’s an honor to welcome them to New Mexico,” Martinez said in a statement. Martinez cited the state’s Local Economic Development Act as a reason for landing Netflix. The state will provide up to $10 million in LEDA funding, while the city of Albuquerque is committing up to $4.5 million in local LEDA funding, according to a release. LEDA is a financial incentive used by the state and local governments as a closing fund to recruit new businesses and grow existing businesses in New Mexico.

“Landing Netflix is a transformative victory that will change the business landscape in the Duke City,” Mayor Tim Keller said in a statement. “The city has leveraged the groundwork laid over the years by our partners in the film and TV industry, and we’ve made sure that film and the creative economy remained a tenet of our economic development plan so we can create accessible, high-paying jobs in this industry. Now viewers all over the world will be able to experience the most beautiful and livable city in the Southwest while watching their favorite Netflix content.”

Netflix is expected to produce film and television series at ABQ Studios and across the state.
“Our experience producing shows and films in New Mexico inspired us to jump at the chance to establish a new production hub here,” said Ty Warren, Netflix’s vice president of physical production, in a statement. “The people, the landscape and the facilities are all stellar and we can’t wait to get to work – and employ lots of New Mexicans – creating entertainment for the world to enjoy. We are grateful to Gov. Martinez, Mayor Keller and the people of New Mexico for the opportunity to create a new ‘home away from home’ here in Albuquerque.”

The film industry has had a big impact on the economy in New Mexico, and streaming services, like Netflix and Disney offer, have brought other projects and hundreds of jobs to the state. In the last fiscal year, New Mexico saw $234 million in direct spending into the local economy from film and TV productions.

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