NETFLIX Acquiring Own PRODUCTION STUDIO

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There is no getting around saying that Netflix is arguably the global king in streaming media services. Their massive library of TV series, films, and similar programming not only holds strong in the face of other media companies building their own streaming platforms (and consequently removing their media properties from Netflix), but is further bolstered by a slate of original content exclusive to the service, some of which have gone on to win awards. While Netflix has relied on other studios to give them exclusive content for streaming, they have decided to take things into hand by buying their own.

CNN reports that Netflix is initiating plans to develop a production hub all to its own with which to create more original content for digital streaming in the future. It was first made public on Monday, October 8, that the online media giant has just made a purchase of ABQ Studios in Albuquerque, New Mexico to serve as its primary original production hub, and that negotiations are now in its final stages. ABQ Studios has seen its own share of major TV and movie productions on its nine sound stages totaling 170,000 square feet, including “Avengers” (2012) and AMC’s “Preacher”.

Netflix is quick to lay out what original content will soon be routed to ABQ Studios once the sale has been completed. At least three series will see the use of its facilities. Two of them, “Chambers” and “Messiah,” have already been shooting in New Mexico, but will continue their production in the ABQ sound stages. The third series, entitled “Daybreak”, will start its shooting there on day one. The prospect of Netflix setting up shop for its in-house content production in the Albuquerque area has been positively received by both the City Mayor and the Governor of New Mexico.

The reasons for this excitement are easily explained. From Netflix’s own estimate, having their production hub develop from ABQ Studios will not only generate around 1,000 jobs for local employment, its production revenue could total to a cool $1 billion over the next ten years. Government officials of state and local levels are aware of the economic blessings this would bring, and have brought to the table about $14.5 million in funding. That’s more to add to the streaming giant’s ballooning budget for making original content; this 2018 their production costs have already reached some $8 billion. This goes with the company’s goal to eventually have their originals and exclusives comprise 50% of their library.

Image courtesy of The Wrap

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