Netflix has committed to invest $1 billion in Mexico for the production of series and films over the next four years, meaning from 2025 through 2028, co-CEO Ted Sarandos said during a press conference with Mexican President Claudia Sheinbaum on Thursday.

This investment, and the productions derived therefrom, will benefit Mexican production companies and will contribute to the growth of the local audiovisual industry and the creation of opportunities nationwide, the streaming giant said.

Netflix will also invest $2 million in Mexico Citys iconic Churubusco Studios, one of the oldest and largest production facilities in Mexico, to elevate its facilities. And Netflix will continue creating and funding programs that help develop diverse and creative talents behind the camera, so that they may develop their careers in the entertainment industry. In August last year, a fund worth more than $1 million was unveiled in Mexico to be used in 2024 and 2025 for this purpose. The global streamer has a long history in Mexico. In September 2011, Netflix became available in the country. In 2015, the company produced its first series outside the U.S. in Mexico, namely Club de Cuervos.

In 2019, Netflix opened its first offices in Mexico and then decided in 2020 to set up its Latin American headquarters there. Over the past six years, Netflixs local employee base has increased more than tenfold, from 30 employees to nearly 400, according to the streamer.

This country holds a special place in Netflixs own history, Sarandos said during Thursdays press conference, referencing Club de Cuervos. We created it in Mexico for Mexico and it paved the way for our programming strategy, which is all about local production.

He continued: A few years later, a film called Roma, which was made here, won the Oscar for best (international) feature it was a first for Netflix and for Mexico. In fact, it won three Academy Awards on that night. We were also proud to produce Alejandro G. Irritus Bardo, which was the Mexican submission for the Oscars in 2022. And a year after that, Guillermo del Toros Pinocchio won for best animated feature which was another first for both Netflix and Mexico.

Concluded Sarandos: Over the years, weve worked with Mexican creators on hundreds of other series and films that have captured the hearts of Mexican audiences from The House of Flowers to Where the Track Ends, to the recently announced Love Sick and The Dead Girls. And we cant wait for you to see a new documentary on the life and art of Juan Gabriel, which is coming soon. All of this helps explain why in 2020, when President Sheinbaum was the mayor of Mexico City, we decided to establish our Latin American headquarters here.