Netflix announces first European production hub in Madrid
Netflix is developing its first European production hub in Madrid, the company announced Tuesday. The production facility will be located at Ciudad de la Tele, a sprawling 22,000-square-meter campus in Tres Cantos, and will be central growing Netflix’s slate of Spanish-language original content. With over 13,000 cast, crew and extras working on 20 Netflix original productions across Spain this year, the hub’s development is a reflection of Netflix’s deepening investment in Spain. “The establishment of our first European production hub will create new opportunities for Spain’s incredible creative talent, as well as demonstrating our commitment to the production of original content throughout Europe,” said Erik Barmack, vice president of international originals at Netflix, in a statement. The company has several Spanish titles in production, such as “Elisa & Marcela” and “The Alcásser Murders,” and will soon release season 3 of “Las Chicas del Cable” and young adult drama “Élite.” Netflix shares tumbled last week after it announced it had missed subscriber and revenue expectations in the second quarter, though most analysts remain optimistic about the company and see the drop as a buying opportunity. The company’s shares have shot up 89% so far this year, while the S&P 500 has risen 5%.