From developing its own hit shows to winning Oscars, Netflix has pushed the boundaries of what a streaming service can be. Now, the company plans to continue its expansion by building a production hub and investing up to $100 million in New York City.
Netflix plans to develop an expanded office in Manhattan that will create high-paying executive content, marketing, and production development jobs. In addition, the company’s proposal to build six sound stages in Brooklyn will lead to thousands of production crew jobs within five years.
“Netflix is innovative, creative and bold – just like New Yorkers – and the expansion of this cutting-edge company in New York once again demonstrates the Empire State is open for business,” Governor Cuomo said in a statement. “We’re proud Netflix chose New York to grow its business, and we look forward to the jobs, economic activity and world-class productions this project will bring.”
The Empire State Development Corporation offered Netflix $4 million in performance-based Excelsior Tax Credits over ten years, according to TechCrunch. To receive them, Netflix has to create 127 jobs by 2024 at its Manhattan office and retain them for another five years.
Netflix isn’t the only company that planned a move to New York this year. Notably, Amazon tried to launch its second headquarters in the city, but its plans were halted by city officials and protests.
Corporations have the potential to bring in new jobs, but they can also contribute to things like gentrification. That was one of the biggest concerns with Amazon’s proposed move to New York City.
It will be interesting to see how New York City locals respond to news of Netflix’s expansion. For now, officials cite Netflix’s new production hub as a massive gain for the city.
Lieutenant Governor Kathy Hochul called it a “significant milestone,” adding, “The new production hub will add office space and sound stages in Brooklyn, advancing the tech and entertainment industry in the area and continuing to invest and grow the economy of the entire State of New York.”