Netflix is gearing up to spend more than $50 million to make a production studio out of a former New Jersey army base

Asia's Tech News Daily

Netflix is gearing up to spend more than $50 million to make a production studio out of a former New Jersey army base
© Ryan Anson/Getty Images Netflix fired three senior executives for airing complaints about their boss on Slack, according to The Hollywood Reporter. Ryan Anson/Getty Images

  • Netflix is among several bidders for a 289-acre former army base in New Jersey, to develop it into a new production studio.
  • The company quietly opened a studio in a former steel factory in Bushwick, Brooklyn, in September.
  • Post-pandemic demand for new content has skyrocketed, leading multiple studios to scramble for production space across the country.

In the latest real estate move in the streaming wars, an old military base in New Jersey could find new life as a state-of-the-art film and television production studio.

Netflix announced on Tuesday it has put in an offer on the 289-acre, state-owned Fort Monmouth army base in Monmouth county, New Jersey, with the hopes to convert it into additional studio space for its East Coast productions.

“America’s first movie studio was in New Jersey, and today it’s home to many talented people working in entertainment,” a Netflix spokesperson said in a statement to Insider on Wednesday. “We’re excited to submit our bid to transform Fort Monmouth into a state-of-the-art production facility.”

The Fort Monmouth Revitalization Planning Authority valued the site at $54 million, but has previously received higher offers on the property. Fort Monmouth was recommended for closure by the Pentagon in 2005, and has officially been out-of-operation since 2011. However, the Revitalization Planning Authority has been overseeing to the redevelopment of the land since 2006.

The state of New Jersey is taking bids on the Fort Monmouth site for the next ninety days, through January 2022.

New Jersey governor Phil Murphy has sought to boost film and television production, as well as digital media production, in the state. The 2018 New Jersey Film & Digital Media Tax credit Program provides a 30-35% tax credit – plus a 2% “diversity bonus” – that runs through 2028.

With movie theaters reopening after COVID-19 pandemic shutdowns, and demand for streaming content booming, studio space in major US production hubs, like Los Angeles and New York, have become more scarce, fueling an intense real estate grab from major studios. In the face of restrictive voting laws in Georgia, several big shows and movies have been on the search for alternative production sites.

Netflix transformed an old steel factory into a production space in Bushwick, an industrialized but gentrifying area of Brooklyn, last month. It has already begun hosting several Netflix productions. The streaming giant also invested $1 billion to expand operations and acquire a studio in Albuquerque, New Mexico, in late 2020, creating 1,000 jobs in the state. In Spain, the company began to double its studio capacity from five to 10 sound stages, plus new post-production spaces, which is expected to be completed in 2022.

Earlier this month, studios narrowly avoided an industry-wide strike from unionized crew members looking for what they say is fairer pay in “new media” and improved working conditions. Netflix is also dealing with the fallout from a controversial comedy special that prompted dozens of its office employees to stage a walkout last week.

Read the original article on Business Insider

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Laut Horoskop: Für diese Sternzeichen erfüllt sich 2022 ein großer Wunsch

© Getty Images Sternzeichen Wünsche Getty Images Viele setzen zu Anfang des neuen Jahres auf eine Liste mit Vorsätzen. Manche davon werden tatsächlich umgesetzt – wohingegen die meisten nach gewisser ... Read more »

Afghans wait and worry at US bases after frantic evacuation

© Provided by Associated Press Afghan refugee mothers and children play in a park in Liberty Village on Joint Base McGuire-Dix- Lakehurst in Trenton, N.J., Thursday, Dec. 2, 2021. (Barbara ... Read more »

Here's why Katrina Kaif never made her relationship with Vicky Kaushal official

With the commencement of the pre-wedding ceremonies, we are sure Katrina Kaif and Vicky Kaushal are living some of the most memorable days of their lives currently. Their fans can’t ... Read more »

9 Christmas gifts for pets to make their holidays paw-dorable

© Provided by Lifestyle Asia It’s that time of the year again! With the cold outside and fuzzy goodness in the heart, Christmas can’t get any better. Just like their ... Read more »

How to get the This is fine Commendation in Sea of Thieves

© Provided by GamePur The This is fine Commendation in Sea of Thieves requires you to take a seat aboard your ship while it is on fire. See if you’ve ... Read more »

ETH-Forschende ebnen Weg für fehlerfreie Quantencomputer

© ETH Zürich / Quantum Device Lab Quanten-Bits versprechen ultraschnelle Berechnungen, sind aber störanfällig. Forschenden der ETH Zürich ist es nun gelungen, nicht nur eine, sondern beide Fehlerarten, die in ... Read more »

Max Scherzer has ‘great respect' for Buck Showalter in Mets' managerial search

As the Mets sift through managerial candidates — another of which was added to the field Tuesday — they could take into account the wishes of their big offseason splash. ... Read more »

Supreme Court takes up religious rights case from Maine

Light from the morning sun illuminates the Supreme Court in Washington, Friday, Dec. 3, 2021. The Supreme Court is hearing arguments in a challenge from parents in Maine who want ... Read more »

Brenda Mage reveals giving up Darna role for Pinoy Big Brother

© Provided by PEP.ph Did you know that comedian and Pinoy Big Brother housemate Brenda Mage was supposed to be part of ABS-CBN’s TV adaptation of Darna? However, he chose to give up the stint, ... Read more »

Edinburgh is twinned with Ukraine's capital Kiev. Is Russia about to invade? – Steve Cardownie

© Ukrainian armed forces take part in military exercises with Nato countries nor far from Lviv as tens… Now, as Russian troops mass on the border with Ukraine, the fear ... Read more »

Plans for Edinburgh Gaelic secondary school due for formal consultation next year

© The former Royal Victoria Hospital site could house the new school if the Scottish Government comes … Let us know what you think and join the conversation at the ... Read more »

Name of Edinburgh's new primary school confirmed after council's biggest naming survey

© The school is due to open in August 2022 Let us know what you think and join the conversation at the bottom of this article. The move was agreed ... Read more »

Good Samaritan Marine killed while helping victims on California highway identified

Lance Cpl. Alberto Lucio was identified as the marine who was killed trying to help motorists on a California highway. U.S. Marine Corps The US Marine who was fatally struck ... Read more »

Coronavirus digest: South Korea reports record number of COVID cases

© Provided by dw.com South Korea’s new daily case numbers have brought some restrictions back South Korea reported more than 7,000 daily COVID-19 cases for the first time since the ... Read more »

It represents a ‘sell-out' arrangement: Opposition parties on failed land bill

© AFP Julius Malema, leader of the Economic Freedom Fighters (EFF), speaks to members of the media after the EFF disrupted the State of the Nation Address and then decided ... Read more »

'Pharma Bro' firm reaches $40M settlement in gouging case

SACRAMENTO, Calif. (AP) — A company once owned by “Pharma Bro” Martin Shkreli will pay up to $40 million to settle allegations that it jacked up the price of a ... Read more »

With Dragon and Eagle Lurking in Shadows, Putin's India Visit Was High on Symbolism, Low on Action

© Provided by News18 With Dragon and Eagle Lurking in Shadows, Putin’s India Visit Was High on Symbolism, Low on Action President Vladimir Putin’s short working visit to India for ... Read more »

Vicky Kaushal and Katrina Kaif wedding: Anushka Sharma and Virat Kohli to attend the shaadi without baby Vamika [Exclusive]

© Provided by BollywoodLife.com Vicky Kaushal and Katrina Kaif’s wedding festivities started yesterday with a grand sangeet function. The wedding will take place tomorrow and before that today it’s going ... Read more »

Kim Kardashian THANKS Kanye West as she bags Fashion Icon honour at People's Choice Awards 2021

© Provided by Pinkvilla Kim Kardashian was honoured with the Fashion Icon Award at the 2021 People’s Choice Awards. The Keeping Up With the Kardashians alum has been giving everyone ... Read more »

Here's what you should know about COVID advisories in New York right now if you're planning a visit

© Rachel Mendelson/Insider Here’s what you should know about COVID advisories in New York right now if you’re planning a visit New York City was hit early and hard by ... Read more »

Sylvester Stallone set to star in drama series 'Kansas City'

© IANS Sylvester Stallone.(photo:IMDB.com) Los Angeles, Dec 8 (IANS) Hollywood star Sylvester Stallone is moving into scripted television as he is set to star in the drama series ‘Kansas City’. ... Read more »

Priyanka Chopra gets teased by Parineeti Chopra for her love for heels, check out her post

© Provided by Hindustan Times Parineeti Chopra and Priyanka Chopra pose together. Actor Parineeti Chopra has re-shared a picture in which a person wore heels even as she hurt her ... Read more »

Dharmendra turns 86: Sunny, Bobby and Esha Deol shower him with wishes

© Provided by DNA Veteran Bollywood actor Dharmendra, who has worked in more than 100 movies so far, on December 8 turned 86. On the special occasion, Sunny Deol, Bobby ... Read more »

Sikkim to allow entry of foreigners carrying negative RT-PCR report

© Provided by Hindustan Times The state till Tuesday has reported 405 deaths due to Covid 19 and 32,382 positive cases out of which 31,438 have recovered. (HT Photo) Sikkim has ... Read more »

CAT Answer Key 2021: IIM Ahmedabad releases CAT answer key, response sheet at iimcat.ac.in today; here's how to download

© Provided by Jagran English New Delhi | Jagran Education Desk: Common Admission Test, CAT answer key 2021 along with response sheet has been released by the Indian Institute of Management, ... Read more »

Maid abusing employer's elderly mother caught on CCTV

© The Independent Singapore Warning: Readers may find some of the detailed descriptions in the content of this article disturbing. Singapore — A domestic helper who treated the 76-year-old mother ... Read more »

Will Katrina Kaif Be A Sabyasachi Bride Like Anushka Sharma, Priyanka Chopra And Deepika Padukone?

Everyone is waiting with bated breath for Katrina Kaif’s bridal look. Will she choose Sabyasachi over other designers like the following celebrity brides? (Image: Instagram) Priyanka Chopra looked stunning in ... Read more »

'Riverdale' and 'Sabrina' Crossover: Kiernan Shipka Explains That Bewitching and Confusing Cameo (Exclusive)

© The CW Sabrina came from Greendale to Rivervale — and not Riverdale? Looks like someone needs to adjust their broomstick’s GPS! ET is mapping out everything you need to know ... Read more »

Saudi Crown Prince arrives in Abu Dhabi on two-day state visit

© Motivate Publishing Prince Mohammed bin Salman bin Abdulaziz and Sheikh Mohamed bin Zayed Al Nahyan Prince Mohammed bin Salman bin Abdulaziz, Saudi Crown Prince, Deputy Prime Minister and Minister ... Read more »

Music streaming: The war over rights and remuneration

Musicians don’t often make a sustainable income through streaming songs on music platforms, according to a report by MPs. Should the industry change from within, or is government intervention needed? ... Read more »

DBS' suffers digital bank service glitch; MAS mulls taking supervisory action

© Provided by Singapore Business Review DBS Country Head Shee Tse Koon has apologised for the disruptions. DBS’ online banking services have faced disruptions for two days, pushing the Monetary ... Read more »

Tokyo pushes ahead with same-sex marriage plan

The Tokyo Metropolitan government will start a system that effectively allows same-sex marriage in Japan’s capital from April next year, the Kyodo news wire reported Tokyo Gov. Yuriko Koike as ... Read more »

LOL! Brooke Shields Jokes Daughter Grier, 15, Is in the 'A--hole' Stage

© Provided by US Weekly Brooke Shields And Daughter Grier Teen time! Brooke Shields’ eldest daughter, Rowan, is in her freshman year at Wake Forest University, but her 15-year-old daughter, ... Read more »

True Colours Film Festival 2021 includes award-winning works featuring people with disabilities, all free to stream

The True Colours Film Festival (TCFF) has returned with 10 features, 20 short films, and four dialogues, all available for streaming for free across Asia. Celebrating diversity and inclusion, the ... Read more »

Biden confronts Putin over Ukraine in high-stakes meeting

President Joe Biden told Russian President Vladimir Putin during a video meeting on Tuesday that the United States “would respond with strong economic and other measures in the event of ... Read more »

British PM under fire over video of staff joking about lockdown party

© Daniel LEAL British Prime Minister Boris Johnson faces questions about the reported party at Downing Street last year in breach of Covid restrictions British Prime Minister Boris Johnson was ... Read more »

Hyundai invests $530 million to bring elective vehicles to India

© Provided by Al Jazeera Hyundai will launch its first EV in India in 2022 [File: Kim Hong-Ji/Reuters] South Korea’s Hyundai Motor Co plans to invest 40 billion rupees ($530m) ... Read more »

Trotz Enttäuschungen mit gutem Gefühl nach Manchester

© KEYSTONE/THOMAS HODEL Die Young Boys beenden am Mittwoch die zweite Champions-League-Gruppenphase ihrer Vereinsgeschichte. Um den Weg in der Europa League fortzusetzen, benötigen sie einen Exploit bei Manchester United. So ... Read more »

'Panibagong Investment!' Neri Naig Adds Condo Unit To Her Business Ventures

Almost two months since welcoming her second child, celebrity mom Neri Naig shares another blessing she received this year — a new condo property. The “wais na misis” took to ... Read more »

Millennial Money: How to holiday shop at the last minute

On Location: December 7, 2021 Catch up on the developing stories making headlines.The Associated Press Supply chain snags. Sold-out merchandise. Empty shelves. Hefty shipping fees. Inflation. There are plenty of ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic