The latest tech behemoth to be on the receiving end of New York Governor Andrew Cuomo’s slobbering praise is Netflix. Months after Amazon backed out of building its new headquarters in Long Island City, the video streaming giant is now coming to New York. Cuomo announced today that Netflix is building a new production hub in the city, which is expected to create hundreds of new jobs and up to $100 million in “investments to the city,” the Hollywood Reporter reports.
“Netflix is innovative, creative, and bold–just like New Yorkers–and the expansion of this cutting-edge company in New York once again demonstrates the Empire State is open for business,” THR reports the governor said at a press conference Thursday.
Currently, a little more than 20 people work at Netflix in New York. With this new installation, the company will establish a 100,000-square-foot presence in the Flatiron District and up its workforce in the city by more than fivefold.
Because nothing is free, New York is giving Netflix a sweet deal too. The state reportedly offered the company up to $4 million in performance-based tax incentives, meaning that Netflix needs to create and keep new jobs in the city in order to receive the tax breaks.
As Netflix continues to expand and keep ahead of competitors, it will need to scale in places beyond Hollywood. This announcement follows the company’s quarterly earnings report, where it admitted that its growth may slow down while other companies like Disney begin to further encroach on its territory. This New York push shows the company is trying to grow and expand despite these headwinds.
Now we wait for the next tech company to which Cuomo offers big tax breaks.