A modern and large production studio, opened in 2007 in Albuquerque, could be in store for upgrades and renovations as a result of an incentive package approved by the Albuquerque Development Commission.
The facility in question is Albuquerque Studios, which has seen the production of the TV shows Longmire, Better Call Saul, and the first Avengers movie.
That $4.5 million package will give to the Los Gatos, California-based Netflix crucial support for purchasing the studio at 5650 University Boulevard SE.
Netflix, with assets totaling more than $19 billion last year, is also expected to receive up to $10 million in economic development funding through the State of New Mexico for the project.
The company says it wants to purchase the more than 170,000 square foot studio property, which also includes nine sound stages, in order to produce both television shows and motion pictures.
Netflix has previously enjoyed enormous success with its production of the Albuquerque-based series Breaking Bad, broadcast from 2008 to 2013.
In a statement, Ty Warren, vice-president of physical production for Netflix, said “Our experience producing shows and films in New Mexico inspired us to jump at the chance to establish a new production hub here.”
Launched in 1997, Netflix derives most of its revenue as a subscription-based streaming service, offering both movies and television shows. It currently has more than 130 million subscribers worldwide.
The company has said that it will spend up to $2.5 million upgrading the Albuquerque Studios.
The Netflex incentive package is now on its way to the Albuquerque City Council where its prospects appear promising.
By Garry Boulard