Streaming service giant Netflix has reportedly chosen New Mexico as the site for its new U.S production work and is currently negotiating to purchase an existing studio complex in the city, the government and corporates were reported saying.
As per trusted sources, this is the first purchase of such a property the company has ever made. The upcoming production that will be filmed in Albuquerque and at other locations around New Mexico is estimated to come up to $1 billion worth of expenditure over the next decade.
According to sources familiar with the development, in order to bring Netflix to New Mexico, more than $14 million worth of state and local economic development funding has been tapped.
Susana Martinez of the Republican Government and Tim Keller, Mayor of Albuquerque, lauded the investments and stated that lengthy efforts to make New Mexico a part of the movie-making industry is paying off.
Martinez was quoted saying that the investment will certainly go on to make a huge impact on New Mexico and help the government continue its efforts to grow and diversify the economy. Martinez further acknowledged the state’s dependability on federal funding and development of oil and gas and stated that more needs to be done to promote diverse ventures like Netflix since the private sector is the mainstay of the American economy.
Tim Keller referred the investment as a ‘transformative victory’ for New Mexico. The city has set the groundwork to ensure the inclusion of the film industry into the city’s economic development plan, he added.
Netflix claimed that past experiences from projects like Godless and Longmire, which were produced in New Mexico, had inspired them to pursue the opportunity and establish a new production hub in the city. Officials haven’t released financial details about the sales price of the studio yet. The property will include multiple sound stages, office mill space, production offices and a back lot, cite sources.