Netflix has confirmed plans to invest $1.14 billion (€1 billion) in Spain’s creative industry, strengthening ties with one of its most lucrative European markets.
This funding will go directly into film and television content creation over the next four years.
At the company’s Madrid production hub when Netflix’s co-CEO Ted Sarandos made the announcement.
Speaking in front of Spain’s Prime Minister, Pedro Sánchez, Sarandos said: “Over the next four years we plan to invest over one billion euros in Spain. With this investment, we will be able to contribute even more to the Spanish economy, create more Spanish jobs, tell more great stories made in Spain.”
Sarandos had made a similar declaration earlier this year regarding content production in Mexico. With this Spanish announcement, Netflix wants to strengthen its influence across global entertainment markets through local storytelling.
The location wasn’t a coincidence either as Netflix’s Tres Cantos studio outside Madrid, now a major pillar in its European operations, tells us something. When it opened in 2019, it was Netflix’s first production facility outside the United States.
Since then, it has grown commendably, with 10 sound stages as of 2022 and has become one of the continent’s busiest content hubs.
Spain has earned its place in Netflix’s global content portfolio. Iconic shows like Money Heist, Elite, and Society of the Snow have made waves and become cultural landmarks.
Sarandos further stated, “Dali masks, red jumpsuits, Bella Ciao – all of them have become instantly recognisable parts of the global culture.”
He also pointed out the tangible impact: more than 5 billion hours of Spanish content have been streamed on Netflix globally. The numbers speak to how effective the platform’s partnerships with Spanish creators have been.
Netflix claims its operations in Spain already support over 20,000 jobs. With the planned investment, that figure is expected to grow, strengthening Spain’s audiovisual sector while giving global reach to local talent.
Sarandos closed his speech with a nod to Spain’s value in the global media space: “We commend Spain for its efforts and commitment to the audiovisual sector. We look forward to working with you and your teams to grow the economy, create opportunity and bring more of this beautiful, rich Spanish heritage to the world.”
The timing of this pledge coincides with Netflix’s tenth year in the country.
