April 22, 2019

Netflix to Invest $100 Million for New York Production Hub

Also Read: BBM will Shortly be Ended with its Messaging Services
State Showers Netflix with Tax Exemption

New York City has been one of the most likely destinations for Netflix Productions. The company has filmed many successful films in the city and garnered huge success because of it. To expand its plans in the city the company is planning to invest a huge amount in the city. As per the reports, the company is planning to invest $100 Million in the city.

The Governor of New York confirmed the news in his statement saying “Yes, Netflix is investing $100 Million in the city of New York.”

For this, the company is planning to establish a production Hub in the city which will consist of 6 sound stages in the city of Brooklyn and will create hundreds of new executive jobs for executive and production crew people. As per Netflix officials, the new office will occupy 1, 00,000 square feet in Manhattan at 888 Broadway. It will add its workforce from 32 to 127 more.

The company meanwhile has already done some great projects in the past and that too in New York. Some of its projects like Private Life, The Unbreakable Kimmy Schmidt have been very successful.

Also Read: BBM will Shortly be Ended with its Messaging Services

Jason Hariton, the company’s director of worldwide studio operations and Real Estate said in a statement about the company’s plans. He said,

“New York has created a film-friendly environment that’s home to some of the best creative and executive talent in the world, and we’re excited to provide a place for them at Netflix with our production hub.”

State Showers Netflix with Tax Exemption

Amidst huge investment, the state has promised the company to provide it with $4 million in Excelsior tax credits. Netflix, in return, has promised to create 127 full-time office jobs by 2024 for executives and production crew people. It is also mandatory for the company to maintain these jobs for a period of 5 years.

With this, Netflix is on its way to growing bigger in one of the richest and vast entertainment business provider cities in the world. Also, it solves one more problem for the company which the company had been facing earlier. With this, there is no need to go to another city and look to fill the production requirement which consists of actors, directors and talented production team.

For New York City, this is great news as the investment will bring an economic boost in the city. The state faced a setback when Amazon backed out from its earlier plan of shifting its headquarters in the city. Although Netflix could not be compared to the level of Amazon still it will attract more and more companies to the city which will further add to the city’s economy.

Hire Our Development Experts.

About `Author`

Anshul Sharma is the visionary CEO of Fluper, the leading mobile app development company known for its innovative solutions and cutting-edge mobile applications. With a relentless drive for excellence and a deep understanding of the tech industry, Anshul leads Fluper with a focus on delivering value-driven products that transform businesses. Under his leadership, Fluper has become synonymous with quality, reliability, and innovation in the digital space.