Netflix will invest $1 billion in series and film production in Mexico over the next four years, significantly expanding the country's audiovisual industry.

The chief executive of streaming giant Netflix on Thursday announced a $1 billion investment to produce films and TV series in Mexico over the next four years.

In a landmark announcement that underscores Netflix’s continued close relationship with Mexico's audiovisual industry, Co-CEO Ted Sarandos revealed a $1 billion investment in the country over the next four years.

Netflix is doubling down on its investment on Mexico, pledging $1 billion over the next four years. The move, which was unveiled during a Thursday press conference with co-CEO Ted Sarandos and Mexican President Claudia Sheinbaum,

Netflix said Thursday that it would spend $1 billion over four years producing films and series in Mexico, in a boost to the government's efforts to attract investment in the

"This country holds a special place in Netflix's own history," co-CEO Ted Sarandos said during a press conference in Mexico City, referencing ‘Club de Cuervos.' "We created it in Mexico for Mexico - and it paved the way for our programming strategy,