Netflix has announced plans to build a gigantic new facility at a former army base in New Jersey. Netflix plans will reportedly cost them around $900 million to execute.
The 292-acre site on the former Fort Monmouth military base in Eatontown and Oceanport is part of Netflix's plans to create more employment opportunities. Netflix will purchase the 292-acre site for about $55 million, and the total cost of building on it could reach up to $900 million.
According to Netflix comments, they seemed thrilled to expand their infrastructural capacity across the United States. They also highlighted that in a period where massive layoffs are being announced, the move could help create more jobs for workers. They are also reports of an incoming acquisition for the streaming giant.
Ted Sarandos, the company's co-CEO, and the chief content officer, said, "We’re thrilled to continue and expand our significant investment in New Jersey and North America. We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output while sparking a vibrant production ecosystem in New Jersey."
Due to the expansive nature of the project, the new $900 million property will bring more development to the New Jersey area. It is reported that hotels and many other facilities will be built in the area together with the new Netflix Studio. New Jersey Gov. Phil Murphy confirmed the news saying that the new Netflix plans will bring several developments to the area. He also stated that the nearly $1 billion investment by Netflix shows how New Jersey is indispensable to the economy of the United States.
"This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth. As a result of nearly a billion dollars in film production spending, New Jersey will further solidify its status as an emerging national leader in the television and film industries," New Jersey Gov. Phil Murphy added.
The Fort Monmouth Economic Revitalization Authority said it accepted Netflix's bid before the streaming company made its plans official. The California-based video streaming company announced their huge project would take place in different stages. This means that the nearly $1 billion project won't happen in a year or two; it will spread over several years.
The project will be spread around 12 sound stages, each ranging in size from 15,000 to 40,000 square feet per stage.
Michele Siekerka, president and CEO of the New Jersey Business and Industry Association, also commented on the situation, saying that it is a welcomed development for the region. "We are thrilled by the promise this Netflix project will deliver. Jobs and innovation are at the heart of this Netflix-New Jersey partnership, just as they were throughout Fort Monmouth’s rich history," Michele Siekerka added.
More Projects Powered By Netflix
Although Netflix stock has increased in the last 24 hours, it has witnessed a dreadful year as it was recovering from the effects of the Covid-19 pandemic and other macro factors.
Netflix recently announced another engineering hub project which will be launched in Poland. In an official news release, they announced their plans saying it would help drive development and innovation in Poland.
"Today, we’re excited to announce that we’re also creating an engineering hub in Poland, based in our recently opened Warsaw office. Our engineers in Poland will help build the products that our internal and external creative partners use to deliver Netflix shows and films to members all around the world – hits like Wednesday, Glass Onion: A Knives Out Mystery, and The Crown," Netflix said on 10th January.