Streaming giant Netflix has announced plans to invest more than one billion euros (approximately $1.1 billion) in productions based in Spain over the next four years. The announcement was made during an event held at the company’s studios near Madrid, marking the 10th anniversary of Netflix’s operations in the country.

The investment is aimed at strengthening Spain’s position as one of Netflix’s key audiovisual production hubs in Europe. The company says the funding will support the local economy, generate employment opportunities, and enhance storytelling through Spanish-made content.

Spanish Prime Minister Pedro Sanchez was present at the event, which highlighted Spain’s growing significance in the global entertainment industry.

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