Netflix unveils plans to build film studio in New Jersey

Netflix received the project greenlight from theFort Monmouth Economic Revitalization Authority (FMERA) to build a new production studio in New Jersey. The company is now awaiting a due diligence period to receive local approvals. “We're thrilled to continue and expand our significant investment in New Jersey and North America,” stated Netflix Co-CEO and Chief Content Officer Ted Sarandos. “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.”

Bidding $55 million for the 293-acre parcel at the former military base, Netflix plans to invest about $850 million in total for the production hub.

Over the course of several years, the company plans to construct 12 soundstages for the facility and other features to support film production, including studio backlots, office space and production service buildings. The company has committed to paying $55 million for the lot itself, including a utility contribution of $5 million and a FMERA office relocation fee of $3 million.

In total, the streamer has allocated around $17 billion for its content spending budget. “This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” said Murphy in a statement, adding Netflix’s efforts will help New Jersey “further solidify its status as an emerging national leader in the television and film industries.”