Netflix releases new report, claims $325 billion global economic impact over decade

Netflix on Tuesday said its films and series have contributed more than $325 billion to the global economy ever since the company expanded its service to more than 190 countries 10 years ago.

Launching an interactive website, called the Netflix Effect, the streaming service company said it has invested more than $35 billion in content over the past decade, creating more than 425,000 production jobs and engaging over 700,000 extras and day workers worldwide.

In a blog post accompanying the report, Netflix co-CEO Ted Sarandos said that while other entertainment companies were pulling back, they are leaning in by spending on content creation.

"We produce our shows and movies in more than 4,500 cities and towns in more than 50 countries around the world. Every Netflix production is a local production, creating jobs and growing businesses wherever it’s made. And they’re having an impact far beyond the screen," Sarandos said.

"Over the past decade, Netflix has invested more than $135 billion in films and series, contributing over $325 billion to the global economy. We’ve created more than 425,000 jobs on our productions alone," he added.

Netflix Effect also highlighted India as a significant part of its global footprint.

Its 2024 series "Heeramandi", created and directed by filmmaker Sanjay Leela Bhansali, was built on a set at Mumbai's Film City constructed by 700 craftsmen over seven months, with more than 300 handcrafted costumes sourced from traditional textile hubs including Varanasi, Agra and Lucknow, the streamer said.

The series was dubbed in 14 languages including French, German, Malay and Arabic, it added.

The company also noted that Indian filmmaker S S Rajamouli's 2022 movie "RRR" found a wider audience through Netflix after a successful theatrical release and went on to win an Oscar for best original song.

It cited "The Ba***ds of Bollywood" for the memes and reels it generated to become one of the most talked about shows in India.

According to Sarandos, Netflix Effect will provide a comprehensive look at the economic, cultural and social impact of the streamer's films and series.

Among the individual productions highlighted, five seasons of "Stranger Things" supported over 8,000 jobs and contributed $1.4 billion to the US economy, working with more than 3,800 vendors from nearly every state.

On the cultural side, Netflix said non-English language titles now account for more than one-third of all viewing on the platform, compared with less than 10 per cent a decade ago.

It cited "KPop Demon Hunters" -- described as its most-popular original film of all time -- as having triggered a 22% rise in Americans studying Korean on Duolingo and a 25% spike in flight bookings from the US to South Korea.

“Now we have a responsibility to keep that flywheel going. That’s why, while other entertainment companies pull back, we’re leaning in — spending tens of billions of dollars on content every year, investing in production facilities from Spain to New Jersey, and growing the entertainment industry through training programs that have reached over 90,000 people across more than 75 countries," Sarandos said.