On Thursday, the Chief Executive Officer of streaming giant Netflix (NFLX.O), Ted Sarandos, made a groundbreaking announcement: a staggering $1 billion investment aimed at producing approximately 20 films and TV series annually in Mexico over the course of the next four years. Addressing the morning press conference hosted by Mexico City's President, Claudia Sheinbaum, Sarandos expressed his enthusiasm for forging deeper partnerships with producers across the Latin American nation.
Sheinbaum emphasized that this investment in the film industry would ripple beyond immediate production needs, generating jobs in sectors such as hospitality for actors and crew, fashion design, and giving a boost to tourism. "This industry propels significant economic momentum," Sheinbaum remarked. "Not only is it crucial for Mexico to showcase its stories to the world, but it also fosters economic development and job creation through production."
Netflix has already backed Mexican productions like "Club de Cuervos," a comedy-drama delving into the politics of a local soccer club, "Roma" (2018), the groundbreaking film that marked Mexico's first Oscar win for Best Non-English Language Film, and last year's adaptation of Juan Rulfo's classic novel, "Pedro Paramo." Sarandos noted that "Pedro Paramo," which necessitated the involvement of hundreds of artists and musicians and the production of around 5,000 traditional textile items, led to a threefold increase in book sales following its release.
Moreover, Netflix has inked a collaboration deal with Estudios Churubusco, one of Latin America's longest-standing film studios, located in Mexico City, Sarandos revealed. He further stated that Netflix plans to fund initiatives designed to nurture behind-the-camera talent, facilitating their entry into the industry. Mexico's diverse landscapes also make it an ideal filming location, he added.
Last year, Netflix acquired the rights to "Emilia Perez," a French-made musical about a transgender Mexican drug lord that garnered an Oscar nomination. However, the film faced intense criticism in Mexico for perpetuating cultural stereotypes, its poor Spanish dialogue, lack of Mexican actors, and its glossy treatment of the grave issue of forced disappearances. This backlash even spurred the creation of a Mexican-made parody as a form of retaliation.
"Emilia Perez" premiered in Mexican cinemas nearly six months after its European release, and Mexico's consumer watchdog was compelled to intervene when a leading cinema chain failed to clarify its refund policy, leading to many disappointed viewers walking out mid-movie.
