Netflix is set to amplify its investment in Spanish productions, earmarking over €1 billion ($1.1 billion) for the next four years. This move underscores Spain’s growing importance as a center for audiovisual creation in Europe.

At an event held at the company’s studios near Madrid,Netflix co-chief executive Ted Sarandos stated,”Over the next four years we plan to invest over one billion euros in Spain.”

Standing alongside Spanish prime Minister Pedro Sánchez, Sarandos added, “With this investment, we will be able to contribute even more to the Spanish economy, create more Spanish jobs, tell more grate stories made in Spain.”

A Decade of Growth in Spain

the event also commemorated Netflix’s 10-year presence in Spain. The company inaugurated its Spanish studios in April 2019-its first production hub outside the united States-following the global success of the Spanish series “Money Heist.”

“Over the next four years we plan to invest over one billion euros in Spain.”

The 22,000-square-metre (236,800-square-foot) facility has as become a pivotal site for Netflix’s film and television production within the European Union. Netflix estimates that its operations in Spain support more than 20,000 jobs.

Spain’s appeal as a production hub

Spain has emerged as a popular destination for film and television production due to a combination of factors, including competitive production costs, a skilled workforce, and attractive government incentives. The country also boasts diverse landscapes and a rich cultural heritage, providing versatile backdrops for various genres.