In a surprising move, Netflix will build a new production studio at an old decommissioned army base in New Jersey.
The Studio Details
Netflix will invest $905 million to transform a vacant Army base in New Jersey into its East Coast production hub. The streaming service reportedly paid $55 million for the 292-acre Fort Monmouth military base in Eatontown and Oceanport, located about 60 miles south of Midtown.
Fort Monmouth officially closed its doors as a U.S. Army installation in September 2011.
The new facility adds on to Netflix’s existing studios in Brooklyn, which the streamer opened in 2021, as well as other North American studios in Georgia, California, New Mexico, British Columbia, and Toronto.
Netflix estimates it will generate between $7.4 billion and $8.9 billion in output over the next 20 years for production and construction. The value added to New Jersey’s economy as a direct result of that activity during that same period would be between $3.8 billion and $4.6 billion, it estimates.
Netflix = Movie Studio
APP reports on the purchase of the decommissioned military base:
In doing so, Netflix said it will invest more than $850 million to create one of the largest production facilities in the world, one with 12 sound stages, supporting production rooms and backlots, comparable in size and scope to the New Mexico studios. It will use the studios to produce high-quality TV series and movies, including originals. Production will also occasionally take place on location against scenic backdrops around the state.
APP reports that Netflix believes it could contribute up to $8.9 billion in revenue over the next two decades, adding nearly $5 billion to the state’s economy.
New Jersey’s Governor’s Approval
New Jersey Governor Phil Murphy said Netflix’s “transformative investment will serve as a cornerstone in our efforts to create a thriving industry of whole fabric. As a result of nearly a billion dollars in film production expenditures. New Jersey will further solidify its status as an emerging national leader in the television and film industry.”
Murphy said the project would create new housing, hotel, and film-related businesses in the area, which has suffered economically since the Army closed the base in 2011.
According to the Asbury Park Press, Netflix must still complete three years of due diligence and secure authorization from various townships before concluding its deal.
If approved, the platform will become one of the largest film production companies in the world and provide a huge economic boost to New Jersey.
The project is set to be completed in two phases over the course of several years.
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