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Netflix, the streaming video company, announced on Thursday that it would spend up to $ 100 million to expand its presence in New York by creating a production center in Brooklyn comprising six soundtracks.
The company already produces some of its most popular shows, including "Orange is the New Black" and "Unbreakable Kimmy Schmidt", in Queens and Brooklyn.
The proposed expansion would build on New York's growing role in the burgeoning film and television production sector. Tapes opened in previously industrial areas of Brooklyn and Queens, and even in Staten Island, fueled in part by the state's production credit program, which saves on production costs engaged in New York.
"New York has created a film-friendly environment that hosts some of the world's best creative and executive talent, and we are excited to offer them a Netflix seat through our production center," said Jason Hariton, director of the company. . director of studio operations and real estate worldwide.
In a statement, Gov. Andrew M. Cuomo said that Netflix, which has 32 employees in Manhattan, planned to add "127 high-paying jobs to content, marketing and production development," over the course of five next years, in a broader context. production office in Flatiron District Manhattan. If Netflix creates these jobs and keeps them until 2029, it could receive $ 4 million in Excelsior Jobs program tax credits through Empire State Development.
The tax incentives offered to Netflix are part of the same program used to encourage Amazon to build a campus in Long Island City, Queens. Amazon, which would have saved about $ 3 billion from the $ 4 million worth of credits to which Netflix is eligible, was removed from the plan earlier this year.
The soundtracks proposed by Netflix, which would be rented after their construction in a former Bushwick section warehouse in Brooklyn, could contain "thousands of jobs for production crews," Cuomo said. The site is a 165,500 square foot warehouse that was formerly a print shop, which will be converted into recording studios and operated by Gold Coast Studios.
Netflix, which began distributing DVD movies by mail, has become a major player in video production. Based in Los Gatos, California, he is known for spending billions of dollars to fund new productions and get a license for original content. But it's still a newcomer in studio operations.
Unlike HBO, Netflix had to rely on other production companies to create its originals. This changed in October 2018 when the company acquired its first studio, a New Mexico facility used to produce big-budget films like the blockbuster "The Avengers".
Last year, the streaming giant spent more than $ 8 billion in content and plans to spend more than $ 10 billion this year. A few years ago, Netflix did not make any original film. Starting in 2019, it will produce at least 55 original films a year – about twice as much as the most prolific traditional studio – some with budgets of up to $ 200 million.
Exclusive films and television series have become essential to push new competitors. AT & T, the Walt Disney Company, Apple, Amazon and even Facebook are spending more on digital video, the new battleground of the public and advertising.
Netflix has always used external suppliers. For example, Lionsgate produces "Orange is the new black." But now, Netflix has begun to create more of its own content, which requires steps. With all the streaming production, a The shortage of sound scenes exists in Los Angeles and an under-exploited pool of creators in New York is happy to fill this gap.
Economics is lagging behind change – many large studios are integrated into conglomerates that terminate relationships with Netflix as they channel their broadcasts to their own streaming services. Netflix is also working on getting more content from foreign studios.
"We are proud that Netflix has chosen New York to grow its business and we look forward to the jobs, the economic activity and the world class productions that this project will bring," Cuomo said.
Edmund Lee and Brooks Barnes contributed to the reports.
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