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

Netflix said Thursday that it would spend $1 billion over four years producing films and series in Mexico, in a boost to the government's efforts to attract investment in the

Netflix plans to spend $1 billion dollars to energize the production of new films and series out of Mexico according to The Hollywood Reporter. The investment is nowhere near the $2.5 billion Netflix committed to South Korean productions a few years ago.

CEO Ted Sarandos made the announcement during a press conference alongside Mexican President Claudia Sheinbaum.

Netflix has pledged to spend a whopping $1B on Mexican production over the next four years. The streamer's Co-CEO, Ted Sarandos spoke at President Sheinbaum's morning press conference, Thursday, and unveiled the bumper commitment to Mexican production.

The US streaming service presents an investment plan for the next four years. Mexico's president points out the economic importance.

The investment includes $2 million to upgrade facilities at Mexico City’s Churubusco Studios, co-CEO Ted Sarandos says