Netflix is leasing more studios in Canada
Netflix (NFLX) announced yesterday that it would be creating a Toronto production hub, which is expected to hire 1,850 Canadians per year. The video streaming giant said that it would lease Cinespace Studios, a 164,000-square-foot film studio. The company is also leasing Pinewood Toronto Studios, which covers 84,850 square feet. In fall 2017, Netflix acquired government approval to start a production unit worth 500 million Canadian dollars, its first production unit outside the United States.
Netflix has been doubling down on its international offerings
Netflix already leases several Canadian sites in Calgary, Montreal, and British Colombia. The Toronto production hub is set to produce films Guillermo del Toro Presents Ten After Midnight and Let It Snow.
Netflix’s Canadian productions include A Series of Unfortunate Events, The Chilling Adventures of Sabrina, and Polar. The company is doubling down on its international business, where it sees most of its growth. As the graph above shows, Netflix’s paid international paid subscriber count has consistently grown ~40% year-over-year.
Netflix has been one of the strongest S&P 500 stocks this year, gaining 41.3%. Meanwhile, the broader index has risen by 10.9%.