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Netflix is buying its first production studio

Capstone I

Week 6

10/9/2018

Netflix Inc. announced this Monday that it is in the final steps of buying its first production studio. The streaming company is negotiating to purchase ABQ Studios with eight sound stages in Albuquerque. Two upcoming series are already being shot in New Mexico.

New Mexico offers tax incentives to attract productions. The state and the city of Albuquerque will provide Netflix with $14.5 million in funding. Netflix said that this purchase will bring $1 billion in production for New Mexico for the next 10 years and create up to 1000 jobs per year.

Netflix reported during its last earnings quarter that it has 130 million consumers around the world. The company also spent this year around $8 billion to produce original shows and movies.

https://www.cnn.com/2018/10/08/media/netflix-albuquerque-production-studio/index.html

https://www.bloomberg.com/news/articles/2018-10-08/netflix-already-a-studio-in-all-but-name-is-buying-a-studio

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