![]() ![]() The project comes at a time of pressure on big entertainment companies to rein in content spending. Some three to six months of due diligence by county and state authorities would follow before work on the site could begin on the new studio, with 12 sound stages, back lots and production support. NJ Governor Phil Murphy has a veto period, but the pol has been pushing very hard to bring production to the Garden State with tax credits and other incentives. production hub in Albuquerque, New Mexico, which totals 300 acres. The 289-acre site of Netflix Studios Fort Monmouth, a former army base, would be one of the largest fully integrated production facilities in the world and a very close second to Netflix’s biggest U.S. The Fort Monmouth Economic Revitalization Authority is expected to approve the project at a meeting this evening. Netflix will pay $55 million for a big parcel of land in New Jersey, then invest about $850 million to build a state-of-the-art production studio, according to details of the streamer’s bid. New Jersey has made a series of aggressive moves in recent years to lure shoots to the Garden State, touting its tax incentives, locally based below-the-line talent, diverse locations and proximity to New York City. As a new phalanx of streaming services has risen up to rival and start to overtake traditional film and TV in recent years, overall production activity has boomed across the U.S., with the New York area experiencing particularly explosive growth. ![]() Netflix spent about $18 billion a year on programming this year and plans to sustain that level in the near future despite overall cost-reduction efforts at the company. “We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output,” Netflix Co-CEO Ted Sarandos said. ![]()
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