Netflix CEO Ted Sarandos says the money will go toward projects like Alfonso Cuarón’s film “Roma,” which was made in Mexico and went on to international acclaim.

The chief executive of streaming giant Netflix on Thursday announced a $1 billion investment to produce some 20 films and TV series in Mexico annually over the next four years.

"This country holds a special place in Netflix's own history," co-CEO Ted Sarandos said during a press conference in Mexico City.

Streaming giant Netflix (NFLX) is seeking growth in Mexico with a $1 billion investment. During Mexican President Claudia Sheinbaum’s press

Netflix has committed $1 billion to Mexico's audiovisual industry over four years to boost production and back local talent.

Since then, Netflix has earned several Academy Awards for Mexican-produced films, reinforcing its commitment to Mexico’s thriving creative industry. Sarandos highlighted that each film and series made in Mexico collaborates with local production companies, providing significant benefits to the national economy.

Mexico's President Claudia Sheinbaum said Netflix's investments in the film industry should produce many jobs beyond immediate production needs.

Streaming giant deepens its decade-long partnership with Mexico, boosting its audiovisual industry and creating new opportunities - Anadolu Ajansı

According to Sarandos, Mexico’s audiovisual industry generates $3 billion annually, and every dollar invested in the sector produces an added value of $1.6. The newly announced investment by Netflix will bring benefits to various industries, including tourism, hospitality, manufacturing, and transportation.

Over the next four years, Netflix has pledged $1 billion to develop and produce films and series in Mexico, according to Ted Sarandos, Netflix co-executive director. The company’s investment was announced Thursday morning during Mexico President Claudia Sheinbaum’s daily news conference in Mexico City.