Netflix Doubles Down on Spain: $1.14B Mega-Investment to Dominate Iberian Streaming

Streaming giant Netflix just dropped a billion-euro bomb on Spain—and local competitors should start sweating.

The $1.14 billion play marks the largest single-market investment in Netflix''s history, with CEO Greg Peters calling it "a long-term bet on Spanish creativity." Translation: They''re coming for every eyeball in Iberia.

Why Spain? The country''s 40% streaming penetration rate still trails Europe''s leaders—leaving juicy growth on the table. Netflix plans to bankroll 20+ local productions annually, turning Madrid into its European content hub.

Analysts note the timing coincides perfectly with Spain''s new digital tax laws—because nothing sparks corporate generosity like favorable regulatory treatment. The move also pressures Amazon Prime and Disney+ to up their ante in Europe''s fifth-largest economy.

One thing''s certain: Spanish viewers win. Unless you''re a shareholder wondering why Netflix keeps burning cash while its stock trades 60% below ATH. But hey—growth at all costs, right?

Spain’s Creative Promise For Netflix

Notably, the Tres Cantos facility has been central to Netflix’s European operations since it opened in 2019. At 22,000 square meters with ten advanced sound stages and a world-class post-production suite, it remains the largest production site in the European Union for the company. Sarandos called the space “a symbol of our deep, sustained commitment to Spain” and praised its creators and crews for bringing some of the platform’s most iconic content to life.

Over the past decade, Spain has evolved from a minor market in the global streaming landscape into a cornerstone of Netflix’s international strategy. With more than 1,000 Spanish titles released since 2017 and content shot in over 200 cities across the country, Netflix’s investment has not only boosted local storytelling but also created over 20,000 jobs within the Spanish audiovisual sector.

Authentic Spanish Stories Fuel Global Success

Sarandos emphasized that Netflix’s success in Spain is rooted in local authenticity. From Cable Girls, the first Spanish original, to international phenomena like Money Heist and Elite, the company’s Spanish content has consistently resonated with audiences around the world. Last year alone, Spanish titles accounted for over five billion hours of viewing globally.

According to Sarandos, “the reason these films and series resonate is clear, they are all, in their own way, authentically Spanish. Made in Spain by Spanish producers, Spanish creators, Spanish cast, Spanish crews. And all made for Spanish audiences.”

That commitment to cultural integrity, rather than tailoring content for broader appeal, appears to be a defining feature of Netflix’s success in the region.

Spain’s Business Environment Draws International Investment

Netflix’s decision to expand its footprint in Spain is not only artistic but strategic. Sarandos applauded Spain’s regulatory environment, crediting it for encouraging “creativity, innovation, and long-term thinking.” This framework has helped make the country an attractive destination for creative enterprises and has given Netflix confidence in its long-term investment.

The partnership between the Spanish government and Netflix has been mutually beneficial. Prime Minister Sánchez hailed the company’s role in enriching the country’s cultural exports and supporting economic growth. Sarandos, in turn, credited Spanish institutions and creative professionals for building a relationship that has allowed the company to thrive.

As Netflix prepares to channel over $1 billion more into Spain by 2028, its leaders are framing the MOVE as not just an investment in content, but in the future of storytelling. The next chapter will involve scaling production, creating more local jobs, and helping a new generation of Spanish talent find global audiences.

“We look forward to working with you and your teams to grow the economy, create opportunity and bring more of this beautiful, rich Spanish heritage to the world,” Sarandos said as he closed his keynote.