Netflix is buying its first production studio complex

Netflix isn’t just expanding its footprint in California. The streaming behemoth is planning to open a production hub in New Mexico by acquiring Albuquerque’s ABQ Studios — its first purchase of a production studio complex. It’s making the deal (which is still in “final negotiations”) in part due to incentives, which include up to $10 million in Local Economic Development Act funding from the state as well as a maximum of $4.5 million from Albuquerque.

Naturally, Netflix is positioning this as a net positive for the state. It expects the hub to provide $1 billion in productions to New Mexico in the next ten years, and as many as 1,000 production jobs per year. Whether or not that’s true, it could add further cachet to a complex that has been involved in filming for titles ranging from Breaking Bad to Logan.

It’s not a shocking development. Netflix has already produced material in New Mexico such as Godless, Longmire and The Ridiculous Six, and it’s promising to use ABQ for productions like Chambers, Daybreak and Messiah. This ultimately represents Netflix cementing its foothold in the area. As it is, competition may have forced its hand. Amazon already occupies the famous Culver Studios, while Apple intends to lease another location in Culver City. Netflix likely wasn’t in danger without this production hub, but it no doubt wants every competitive advantage it can get.

source: by Jon Fingas

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