WATCH THE VIDEO HERE Netflix is doubling down on its commitment to Mexico, announcing a staggering $1 billion investment in the country’s film and television industry over the next four years. The move comes after the video streaming giant scaled back on commissioning originals in Nollywood. The announcement was made Thursday by Netflix co-CEO Ted Sarandos during a press conference with Mexican President Claudia Sheinbaum. “This investment, and the productions derived from it, will benefit Mexican production companies and contribute to the growth of the local audiovisual industry,” Netflix stated. As part of its expansion, the company will also inject $2 million into Mexico City’s historic Churubusco Studios to upgrade its facilities. In addition, Netflix is continuing its efforts to nurture emerging talent, allocating more than $1 million to programs supporting creatives behind the camera. The news comes less than a year after Kunle Afolayan, one of Nigeria’s most celebrated directors, revealed that Netflix had significantly pulled back on funding Nollywood originals. The revelation followed the company’s eight-year investment in Nigeria’s booming film industry, which amounted to $23.6 million. Netflix’s commitment to Mexico is not new. The company launched in the country in 2011, produced its first international series, Club de Cuervos, there in 2015, and established its Latin American headquarters in Mexico City in 2020. Over the last six years, Netflix’s local workforce has expanded from 30 employees to nearly 400. “This country holds a special place in Netflix’s history,” Sarandos said Thursday. “Club de Cuervos paved the way for our programming strategy—one centered around local production.” He also highlighted Netflix’s track record in Mexico, pointing to the Oscar-winning success of Roma, the critically acclaimed Bardo, and Guillermo del Toro’s Pinocchio, which won Best Animated Feature at the Academy Awards. “Over the years, we’ve worked with Mexican creators on hundreds of series and films that have captured the hearts of audiences,” Sarandos said, citing The House of Flowers, Where the Track Ends, and the upcoming Love Sick and The Dead Girls. Netflix is also preparing to release a documentary on the life and art of Mexican music icon Juan Gabriel. As Netflix deepens its investment in Latin America, its decision to scale back in Africa remains a sore point.
Netflix to invest $1billion in Mexico after Nollywood funding cutback
