Netflix to invest €1 billion in Spain
Netflix co-CEO Ted Sarandos has always been a man with a plan. Since the dawn of the on-demand entertainment era, the streaming mogul has worked overtime to ensure its stardust reaches every corner of the world, regardless of how disparate and distant each of them may seem. But on the heels of an Indian filmmaker’s no-holds-barred attack on Sarandos, Netflix stepped up to expand its grip in Spain with a pretty lucrative investment package, worth over €1billion.
Netflix recently celebrated its tenth anniversary of arrival in Spain. The President of the Spanish Government, Pedro Sánchez, and the Minister for Digital Transformation and Public Service, Óscar López, were present at the conference held at the production hub Netflix opened in Tres Cantos, Madrid, in 2019. The production hub is reportedly the largest soundstage facility in the European Union (via about.netflix.com).
Sarandos was a keynote speaker at the conference in Spain. There, Netflix doubled down on its support for the local audiovisual sector. “Coming to Spain is always exciting, but this trip is particularly special — because this year Netflix is celebrating our 10th anniversary in Spain,” he said. Recounting the journey Netflix has had with Spain over the last decade, from their very first original Spanish series, Cable Girls, which was filmed on Madrid Streets, to their latest, All The Truth Behind My Lies, which is currently shooting in Murcia, the partnership has indeed come a long way.
Netflix’s co-CEO continued that they have filmed across 200 cities and towns in Spain, and still, have a surplus of picturesque locations to film in. However, the diverse representation has helped them bring different sides of Spain to the audience. The partnership has allegedly supported over 20,000 jobs in the audiovisual industry. As a result, Sarandos announced that in the next four years, from 2025 through 2028, they plan to “invest over 1B euros in Spain.”
Of course, the creative agency, the talent, and the support have been incredibly valuable. However, just as much as Spain gained from this alliance, so has Netflix. According to Ted Sarandos, Spanish projects alone have spawned over 5billion hours of viewing in the last year. It’s honestly no surprise, given that titles like La Casa de Papel and Elite have infiltrated the zeitgeist, becoming cultural touchstones that refuse to be forgotten. Then again, the hype is not only warranted by these two but also by the countless other titles that Netflix birthed in the aftermath of this creative partnership.
Netflix knows why Spanish projects are such hits. It’s because “they are all, in their own way, authentically Spanish.” They are mostly produced by Spanish producers, created by Spanish creators, acted out by Spanish cast and crew, that too with a very Spanish audience in mind. Thus, by reinforcing its billion-euro investment plan over the next four years in Spain, Netflix hopes to contribute economically and artistically, and gift the next wave of Spanish dreamers the streaming stage every A-lister craves.
Sarandos concluded the keynote with showers of gratitude towards the president. He also thanked Spain for opening its arms over the last ten years for the betterment of the entertainment world, hoping the camaraderie lasts for the next ten and beyond.