Streaming giant Netflix is opening a corporate office in Toronto, signaling its intention to expand its Canadian operations.
“They’re on notice we’re going to grow this office and it’s going to be a powerhouse office before too long,” said Mayor John Tory at a news conference Tuesday.
Netflix will work with Canadian creators to tell stories from Canada.
“As we grow our business and presence all across Canada, we’re excited that Toronto will be our first local office,” said Netflix’s Ted Sarandos, co-CEO and chief content officer in a statement.
“We’re looking forward to opening our doors and building on the great work we’ve started with our creative partners to bring more Canadian artists and stories to the world.”
Tory said after a very tough year, Netflix’s investment is welcome news and a reminder of what Toronto will return to in a post-pandemic world.
“I want to thank Netflix for making the right choice … It’s the right choice for Toronto and it’s the right choice for them,” said Tory.
He expects other global companies to follow suit, noting Reddit is also opening an office in Canada and Uber is expanding its operations.
“I’m very bullish about Toronto’s future that as soon as immigration starts again and as soon as the pandemic is over you will see very substantial investment in this city,” the mayor said.
Netflix spends over $200 million a year on shows in Toronto. Since 2017, Netflix has invested in $2.5 billion in productions in Canada.
Toronto is already home to one of Netflix’s two production hubs, essential to popular shows The Queen’s Gambit, Jupiter’s Legacy and The Umbrella Academy.