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.

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

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.

Netflix is making a massive bet on Mexico’s film and television industry. The streaming giant announced a $1 billion investment over the next four years to produce movies and series in the country. Netflix co-CEO Ted Sarandos and Mexico’s President Claudia Sheinbaum made the pledge during a press conference on February 20,

Netflix will invest $1 billion in series and film production in Mexico over the next four years, significantly expanding the country's audiovisual industry.