November 16, 2018 – Netflix plans to ramp up production in New Mexico following the planned acquisition of Albuquerque Studios. The company has committed to bring $1 billion in productions to the state in the next 10 years. That includes spending at least $600 million over the next five years on its own productions and another $400 million in direct and indirect spending, including leasing space to other production companies. Netflix is familiar with the state, having filmed series such as “Godless” and “Longmire” here, drawn in large part by the tax incentives offered by the state of New Mexico. Netflix sought additional incentives for this deal, including $10 million in Local Economic Development Act funds and $4.5 million worth of incentives from the city of Albuquerque. How does this deal fit into a larger economic development strategy in New Mexico? How important are tax incentives for development? What will the ripple effects be in New Mexico from the Netflix deal?
Synthia Jaramillo, director of economic development with the city of Albuquerque
For Further Reading:
Netflix ABQ Deal Could Mean Boom For Local Commercial Real Estate – Albuquerque Business First
Councilors Approve Netflix Incentive Deal – Albuquerque Journal
How Netflix Expanded To 190 Countries In 7 Years – Harvard Business Review
One-On-One With Synthia Jaramillo – Albuquerque Journal
NM Film Business Slows Over Last Fiscal Year – Albuquerque Journal