In its quest to build the world's first global TV service, Netflix is building production facilities in Madrid, Seoul, Toronto and London. This fall, it will bring one closer to home. In September, it will open a new studio in Bushwick, a neighborhood of 100k people in Brooklyn, New York City. It will be a 170k sq ft facility and will include 6 sound stages, which will have enough space to film two TV shows at the same time, or one blockbuster movie.
The number of projects produced in NY has doubled since 2015 in part due a state tax incentive program that allocates $420 million a year in giveaways to attract productions. Netflix has also pledged to spend more than $100 million in the city and create thousands of jobs.
The Netflix studio sits on top of a steel shop from Bushwick's industrial past. Over time, an influx of Germans opened up breweries and established Bushwick as the beer capital of the northwest. More recently, Bushwick has grown into one the most exciting food spots in NYC and the Netflix studio is only a couple of blocks away from popular pizza joint Roberta's.
Short Squeez Takeaway: Brooklyn has experienced some form of a renaissance during the pandemic and the opening of the Netflix studio is also sign of normalcy for the broader entertainment industry. The number of shows being produced has rebounded to the same levels as before the pandemic. NYC is no Hollywood but Bushwick is well on its way to putting it on the entertainment industry map.