Netflix added a production hub in New York
Video streaming giant Netflix (NFLX) will be investing $100 million in building a production hub in New York. The company will open a production hub in Brooklyn, New York, and move into a large new office in Manhattan.
The company’s office will be as big as 100,000 square feet and will create 127 new executive positions in various divisions over the next five years, joining the 32 employees who are currently based in New York.
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Empire State Development has also offered Netflix up to $4 million in performance-based tax credits tied to job creation over ten years.
Netflix continues to spend big on content
Netflix already produces seven shows out of its original content slate, including Orange is the New Black, in New York. The company has been buying several production hubs recently.
Last year, the company leased the whole 13-story EPIC building in Hollywood. It also took over ABQ Studios in Albuquerque, New Mexico.
Netflix will be spending a whopping $15 billion on content this year as it faces more and more competition from tech and media companies. The company has added an impressive 18.4 million paid subscribers globally in the last two quarters. However, its revenue growth, subscriber growth in the United States, and guidance for the second quarter have been disappointing.