Netflix is opening up studios in Toronto, Canada. The subscription based streaming platform has undergone massive changes since its early, rather humble beginnings as a film rental by mail service back in 1997. With an ever-growing library of film and television titles at its disposal, along with hundreds of original content titles both currently available and in production, Netflix is doing its best to grow along with the market they helped to create.
Obviously, the growth that Netflix is experiencing requires expansion on a variety of levels, and studios are a major part of that. At present, the California based Netflix has production facilities set up in Los Angeles and has announced that new production hubs are to be opened in Albuquerque, New Mexico and Madrid, Spain. The new space makes even more sense when one considers that plans for Netflix’s future includes greatly increasing their amount of original content, with over 250 original productions to be added to the 229 original titles already available on the streaming service platform.
With much work to be done, Netflix has rolled up their sleeves and made a move into Canada’s ‘Hollywood North’, Toronto. Thanks to news website CP24, we now know that new Netflix studio space will be opening up along Toronto’s downtown industrial waterfront area, where Cinespace Studios will lease 164,000 square feet of new sound stages and office space, in addition to 84,580 square feet of sound stages and office space leased from Pinewood Toronto Studios. The new move is expected to bring some 1,850 jobs per year to Toronto, as well as potentially breathing new life into Canada’s film industry.
The move comes at a time when Netflix is pushing forward in as many ways as possible, but also keeping a close watch on their finances. With 130 million current paid subscribers worldwide, the streaming giant has recently revealed their expected record negative $3 billion in free cash flow for this year. After announcing that they may spend up to $15 billion in 2019, Netflix have raised their subscription prices and begun cancelling a variety of underperforming TV series’. And while this may help to free up more funds, the competition in the streaming platform market continues to grow at an astounding rate, with new entrants into the market such as Disney, Roku, IMDb and The Criterion Collection providing something for all tastes.
For this reason, expansion into new territories like Canada may be something of a necessity, providing access to new talent and productions, while aiding Canada’s film industry to expand. As it stands, Netflix will be set to move one of their productions onto a Pinewood Studios sound stage within the next couple of weeks. New projects soon to get underway include Guillermo del Toro’s horror anthology series, Guillermo del Toro Presents Ten After Midnight as well as the film adaptation of Let It Snow.
It’s hard to say what the future holds for Netflix and subscription based streaming services as a whole. For numerous years it looked as though Netflix stood alone in the subscription based streaming service market. But those days are now long gone and it seems that with its focus on creating original content a current priority, moves into film-friendly places like Toronto make for new and exciting possibilities on an entertainment landscape that Netflix helped establish.
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Source: CP24
