Netflix to invest up to $100m in a NYC production hub

Netflix to invest up to $100m in a NYC production hub

Netflix has produced many films in New York city, such as Unbreakable Kimmy Schmidt, and how it's looking to take things up a notch. According to NY Governor Cuomo, Netflix will be investing up to $100 million in a NYC production hub. The company will include six sound stages in Brooklyn and an expanded office in Manhattan's Flatiron District.

This expansion is expected to create “hundreds of jobs,” including 127 executive, marketing and production development positions, over the next five years. In all, this expansion will take up to $100 million in investments, per Governor Cuomo.

Governor Cuomo added that the sound stages will have chances to create “thousands” of jobs, but that number will vary. The uncertainty is there because jobs will depend on what's in production, meaning the number of projects and types of projects Netflix is running.

To no one's surprise, Netflix is getting financial incentives with this move. The state will offer up to $4 million in tax credits over 10 years, but are contingent to how Netflix handles both creating 127 promised office jobs and keep the existing 32 positions in place.

New York City has a cast entertainment business, so it only makes sense for Netflix to continue expanding. The company will likely save money along the way because it will not have to bring top actors and production talent from other areas.

This is also a move by the state to save face from Amazon backing out of its plans to bring a second headquarters to the state. Even if Amazon has backed out, Netflix's investment further proves the point that there is still a lot of potential for major tech companies in the state.

Hamza Khalid

The Jolt Journal is your source for daily tech news, breaking, reviews, and insights.

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