Netflix today announced its plans to invest at least $400 million in Canadian film and TV productions over the next five years, Variety reports. It’s the first time the streaming service has launched a permanent production presence outside the US.
The plan is part of a deal between Netflix and the Canadian government to support innovation in the digital realm, according to Vancouver’s News 1130. Netflix will reportedly create TV shows and movies in both English and French, as well as work with local Canadian producers and studios. If Netflix fails to commit to the agreed-upon investment in the given timeline, the Canadian government can apparently impose fines on the company, News 1130 reports.
“Today’s announcement affirms there’s more to come as Netflix launches Netflix Canada, our permanent production presence in Canada,” Ted Sarandos, Netflix’s chief content officer, said in a statement to Variety. “We look forward to continuing our work with Canadian talent, producers, broadcasters, and other local partners to create Netflix originals in Canada for many years to come.”
Netflix has big, global aspirations, and setting up a major production presence in another country is a pretty solid first step.