Streaming giant Netflix announced on Tuesday that it would invest more than one billion euros (£850 million) in productions across Spain, which has become one of its key audiovisual hubs in Europe.
Netflix’s co-chief executive, Ted Sarandos, revealed the plans during an event held at the company’s studios near Madrid.
“Over the next four years, we intend to invest over one billion euros in Spain,” Sarandos stated. “With this investment, we aim to contribute further to the Spanish economy, create more Spanish jobs, and tell more outstanding stories made in Spain.”
Spanish Prime Minister Pedro Sánchez joined Sarandos at the event, which marked Netflix’s 10-year anniversary in the country.
Netflix opened its first non-US studios in Spain in April 2019, shortly after achieving international success with the Spanish crime series Money Heist.
Since then, the company has expanded the facility to 22,000 square metres, transforming it into one of its primary sites for film and television production within the European Union.
According to Netflix, its operations in Spain currently support over 20,000 jobs.