The video streaming platform Netflix (NFLX-US) said on Wednesday (21st) that it plans to build a state-of-the-art film and television production center at a former army base on the coast of New Jersey, which is estimated to cost more than $900 million and create thousands of jobs. .
Netflix will purchase a total of 292 acres of land at the Fort Monmouth (Fort Monmouth) military base for US$55 million, and invest US$848 million to build 12 film studios and other facilities related to the film industry.
Netflix co-CEO and content chief Ted Sarandos said Netflix’s new film and television production center will bring thousands of jobs and billions of dollars in economic output, boost the local and New Jersey economy, and develop a vibrant production system.
New Jersey Governor Phil Murphy said this transformative investment will be the cornerstone of creating a thriving industry, with nearly $1 billion in film production spending further cementing New Jersey’s position as an emerging leader in television and film.
People familiar with the matter previously said that Netflix plans to expand the number of subscribers who can watch content before new movies go online early next year, and will expand to tens of thousands of people worldwide. At present, more than 2,000 subscribers can watch new movie content first.
The move is part of Netflix’s efforts to ensure every dollar it spends on content catches the attention of its 223 million global subscribers, and it’s also a move by the company to take a closer look at content spending and focus on profitability.
Netflix added 2.41 million new subscribers globally in the third quarter, and forecasts that it will add another 4.5 million subscribers in the fourth quarter, showing that the worst of the loss of subscription members has passed, while profits and revenues are both better than market expectations.