Variety reports that Netflix will invest at least $400 million into Canadian film and TV production over the next five years. So far, the company has committed a lot of funds and time to US production but is the first time the streaming giant is committing to permanent production outside of the US.
“We look forward to continuing our work with Canadian talent, producers, broadcasters, and other local partners to create Netflix originals in Canada for many years to come.”
This plan is part of a deal that Netflix and the Canadian government are working on to support innovation in the digital world, according to Vancouver’s News 1130. Reportedly, Netflix will create movies and TV shows in two different languages — English and French — as well a work with local Canadian studios and producers.
Ted Sarandos, Netflix’s chief content officer told Variety that “Today’s announcement affirms there’s more to come as Netflix launches Netflix Canada, our permanent production presence in Canada.”
News 1130 also reports that if Netflix fails to commit to this mutual-agreement, then the Canadian government holds the right to impose finds on the company, which is a little unusual.
Netflix is taking its movies and shows offering to a whole new level. The company has big goals and ambitions to achieve and is setting itself on that path.