Netflix establishing production hub in Toronto

Netflix establishing production hub in Toronto

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Netflix Inc is building a production hub with two studios in Toronto which is expected to be creating 1,850 jobs every year, the company announced on Tuesday.

The move is a part of its agreement to invest in entertainment industry in Canada, as company in October 2017 had secured government approval to invest CAD500 million ($337 million) in content productions in the country in next five years and Netflix is saying that it is already on track to exceed that goal.

Netflix will lease about 250,000 square feet of office and studio space in Toronto, for which it came on two agreements to lease Cinespace Studios and Pinewood Toronto Studios having a space of around 164,000 square feet and 84,580 square feet respectively, both having a four sound stages and office spaces. Netflix did not disclose any details about the duration and amount involved around the lease.

It will expand the streaming company’s physical production footprints in Canada, as currently the company leases several sites in Canadian cities of Montreal and Calgary as well as British Columbia-based Martini Film Studios on a per production basis.

Production of Netflix’s upcoming films like “Let It Snow” and series like horror anthology series “Guillermo del Toro Presents Ten After Midnight” will be done in the Toronto studios.

Netflix has made several of its productions in Canada over the years and its current series that were filmed in Canada include “October Faction” in Toronto and “V-Wars” in Northern Ontario and also shoot an untitled film starring Sam Worthington directed by Brad Anderson in Winnipeg with production plans of an untitled film to be directed by Patrice Laliberté in Quebec.

Netflix has also partnered with Canadian production units to co-production of several series including Canadian Broadcasting Corporation for “Alias Grace” and “Anne with an E”, Discovery Canada for “Frontier” and Showcase for “Travelers”.

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I cover technology, utilities and biotechnology for Markets Morning, and I help out occasionally with other industry sectors. I've written about investment and personal finance topics for more than 20 years from a lowly copywriter to editor-in-chief, so I've done a little bit of everything. For what it's worth, I have a BA from Duke University and an MBA from Rollins College. I'm married with one daughter, and that's worth more than everything else put together.

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