$135 Billion on Film and TV and 425,000 Jobs: Ted Sarandos Touts “The Netflix Effect”
"While other entertainment companies pull back, we’re leaning in," the co-CEO writes about a report underscoring the company's expansive reach on the economy and culture.
Netflix wants to be a bit more public with the impact it is having on the global economy and popular culture writ large. So on Tuesday it is releasing what it calls “The Netflix Effect,” a report outlining the economic and cultural impact that the streaming giant says it has had on the entertainment economy.
In a post, Netflix co-CEO Ted Sarandos expanded on the company’s ability to influence culture, and to create jobs all around the world, contrasting the company’s investment to other entertainment giants.
“Over the last decade, Netflix shows and movies have consistently shaped what people read, buy, listen to, eat, wear and play. We’ve pushed old songs back up the musical charts, helped niche sports go mainstream, and boosted sales of everything from chess sets, to Halloween costumes, to home storage.” Sarandos wrote. “Now we have a responsibility to keep that flywheel going. That’s why, while other entertainment companies pull back, we’re leaning in — spending tens of billions of dollars on content every year, investing in production facilities from Spain to New Jersey, and growing the entertainment industry through training programs that have reached over 90,000 people across more than 75 countries.”
Sarandos writes that Netflix has now spent north of $135 billion on film and TV productions, contributing what the company estimates is $325 billion toward the global economy. And Netflix has created some 425,000 jobs jobs across its productions, with another 700,000 or so working as day workers or extras on its projects.
The company also noted all the towns and communities in which it films its TV shows and movies, and its ability to drive cultural impact through that programming.
The report comes as Netflix, which is the largest subscription streaming platform in the world by far, is charting a path forward on its own after abandoning its pursuit of Warner Bros. That deal generated significant regulatory pressure, with some even pushing for an antitrust review into the company.
But even abandoning the deal generated pressure on the company, as Wall Street and investors have questioned its strategy after issuing disappointing guidance in its last earnings report.
Sarandos, for his part, seems focused on framing Netflix as the great global power player in entertainment, with some economic and cultural might to back that up.
