Netflix announced that it will spend more than $900 million to build a studio in New Jersey.

(AFP file photo)

[Financial Channel/Comprehensive Report] The audio-visual streaming platform Netflix (Netflix) said on Wednesday that it will spend more than US$900 million (approximately NT$27.5 billion) to build an advanced film and television production facility at a former army base on the coast of New Jersey. The center is expected to create thousands of jobs.

"Associated Press" reported that Netflix will buy a total of 292 acres of land in the former military base of Fort Monmouth (Fort Monmouth) for US$55 million (approximately NT$1.68 billion), and will invest US$848 million (approximately NT$259) billion) in 12 studios and other uses related to the film industry.

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Netflix co-CEO and content chief Ted Sarandos said Netflix sets are expected to boost the local and New Jersey economy by creating thousands of new jobs and billions of dollars in economic output. To develop a dynamic production system on the ground.

New Jersey Governor Phil Murphy said this transformative investment will be the cornerstone of creating a thriving industry.

Thanks to nearly $1 billion (approximately NT$30.6 billion) in film production spending, New Jersey will further strengthen its position as the emerging leader of the US film and television industry.

Murphy also mentioned that the plan will create new housing, restaurants and movie-related industries in the local area, which has been affected since the Army closed the base in 2011.

Phase 1 construction will include more than a dozen studios, each ranging in size from 15,000 to 40,000 square feet (approximately 1,400-3,700 square meters).

Others may include office space, a production services building and associated studio space, which may also contain retail uses.

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