US streaming video giant Netflix told the fourth annual South African Investment Conference in Sandton on Thursday that it plans to invest R900-million in local content production over the next two years.
This commitment will cover four productions — one international and three local — which will be filmed in South Africa during 2022 and 2023, the company said.
“These productions, which are just some of the many shows the company is creating in South Africa with local production partners like Film Afrika, Gambit Films, Quizzical Pictures and Burnt Onion, will significantly boost the South African film and TV industry,” Netflix said in a statement.
The local productions will be showcased on Netflix’s global platform, available to 222 million subscribers.
“South Africa is fast becoming a top global location for Netflix productions, with the country viewed as a go-to location with a robust and talented film industry filled with local creatives to bring international stories to life,” it said.
“Since our launch [in South Africa] in 2016, we’ve been working with creators and distributors to bring high-quality stories that showcase the best of the country’s creativity and talent to a global audience — and this is only the beginning,” said Shola Sanni, Netflix’s director of public policy in sub-Saharan Africa, in the statement.
The economic impact of each of the projects in South Africa is several times greater than the actual money invested, Netflix said.
Over the last five years, Netflix invested about R2-billion on South African productions. In 2021, the company estimated that for every one local view of a South African title on Netflix, there were 26 views by households outside South Africa.
The company said favourable investment incentives by government have attracted Netflix to South Africa.
“We are keen to see the government continue to maintain the favourable investment environment that has allowed for such investments thus far, including remarkable initiatives like the foreign film and production incentive scheme that the department of trade, industry & competition has operated, which is in partly responsible for putting South Africa at the front of the line as an attractive investment destination for production companies,” said Sanni in the statement.
“It would be great for our long-term investment plans to see even more transparency and predictability in that area, because the presence of a reliable incentive scheme is crucial for our financial decisions.” — © 2022 NewsCentral Media