Netflix to invest €1bn in Spain over next four years

Netflix is to invest €1bn (£850m) in Spain over the next four years, according to the streamer’s co-CEO Ted Sarandos.

Sarandos announced the investment figure on Tuesday during a visit to Netflix’s production hub Tres Cantos on the outskirts of Madrid to mark the streamer’s 10th anniversary in the country.

He was joined by the President of Spain, Pedro Sanchez and the Minister for Digital Transformation Oscar Lopez at Tres Cantos.

Spain has become a significant production base for Netflix over recent years.

Sarandos said the streamer had produced more than 1,000 Spanish titles since 2017, flagging series such as its first Spanish original Cable Girls as well as J.A. Bayona’s feature Society Of The Snow, series Elite and La Casa de Papel (aka Money Heist).

Upcoming shows include Billionaires Bunker from Alex Pina and Esther Martínez Lobato.

The Netflix chief exec added that Spanish titles had generated over five billion hours of viewing on his streamer last year and claimed that the company had helped support more than 20,000 jobs in the Spanish audiovisual sector, filming in more than 200 cities and towns across the country.

“Alongside your rich cultural heritage, vibrant entertainment industry and brilliant creative talent, Spain is also a great place to do business,” Sarandos added.

“You’ve supported regulations that encourage creativity, innovation, and long-term thinking.

“All of that has inspired us to establish our beautiful home here in Tres Cantos,” he continued, describing the production hub as “a symbol of our deep, sustained commitment to Spain”.

Sarandos added that the investment - which runs from 2025-2028 - will enable the company “to contribute even more to the Spanish economy” by creating more jobs, spending more on domestic shows and supporting “the next generation of creative talent.”

Streamers such as Netflix are keen to emphasise the amount of content they produce in European countries such as Spain.

It comes as many European countries, concerned about the growth of US-owned streaming services at the expense of public service broadcasters, are introducing investment obligations or streamer levies to mandate spend on European content.

Spain obliges streamers to invest 5% of their turnover in the country into European titles.

“After 10 fantastic years, we want to further our long-term commitment to Spain,” said Sarandos, announcing the investment.

Tres Cantos, which has 10 sound stages, is Netflix’s largest filming base in the European Union – it also leases Shepperton Studios in the UK.

A version of this article first appeared on Broadcast International’s sister title, Screen.