Netflix has announced it will invest €1billion into Spain over the next four years.
The streaming giant made the announcement during a press event in Madrid this week.
The company has pumped out hit after hit with Spanish creatives, bankrolled a production centre the size of four football fields and helped create 20,000 jobs.
Co-CEO Ted Sarandos said the Spanish arm of Netflix has created global smashes, including La Casa de Papel, Élite and The Snow Society.
‘Dalí masks, red jumpsuits, ‘Bella Ciao’… iconic,’ he said, ‘They were made in Spain, by Spanish teams, for a Spanish audience.’
Sarandos announced a fresh €1 billion investment over the next four years, pledging to keep building jobs, stories, and influence.
He also praised Spain’s ‘regulations that foster creativity,’ making it clear that Netflix likes doing business in the country, and expects the red carpet to stay rolled out.
Pedro Sanchez, Spain’s Prime Minister and guest of honour at the event, matched the energy with a polished speech of his own.
He hailed Netflix as a ‘firm ally’ in a sector that now makes up 2.3% of Spain’s GDP and employs over three-quarters of a million people.
‘Never before have we had so many people working in this sector,’ he said.
The Socialist leader flagged the importance of diversity and equality in Spanish storytelling, giving a nod to the government’s recent script grants for female screenwriters.
He also warned of ‘dark gurus’ trying to police culture.
‘Telling brave stories,’ he said, ‘is an act of peaceful rebellion.’
