Netflix Plans Massive Film Studio At Former New Jersey Army Base

Netflix Plans Massive Film Studio At Former New Jersey Army Base

Streaming giant Netflix plans to invest nearly a billion dollars in a state-of-the-art production facility at the former Fort Monmouth Army base on the Jersey Shore. 

Deadline Hollywood reported that the $848 million redevelopment project would be completed in two phases over the next several years. Netflix paid $55 million for the 289-acre site. 

New Jersey Gov. Phil Murphy said the “transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” adding the production facility will create jobs and allow an “entirely new ecosystem” to develop. 

“We’re thrilled to continue and expand our significant investment in New Jersey and North America,” Netflix Co-CEO Ted Sarandos said. 

Sarandos added: “We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output.” 

The announcement was made Wednesday evening after the Fort Monmouth Economic Revitalization Authority voted to accept Netflix’s bid for the former base.

The 289-acre site of Netflix Studios Fort Monmouth studio would be one of the largest production facilities in the world and second to the company’s largest production hub in Albuquerque, New Mexico, which totals 300 acres. 

“The project comes at a time of pressure on big entertainment companies to rein in content spending,” Deadline Hollywood said.

After several quarters of dismal subscriber growth and falling share price, third-quarter subs and growth topped forecasts

Netflix shares are down 50% on the year. 

Another TV and film production studio will only mean Netflix will be cranking out even more content by the mid-point of the decade. Hopefully it’s all not ‘woke’. 

Tyler Durden
Thu, 12/22/2022 – 11:34

Leave a Reply

Your email address will not be published. Required fields are marked *