Netflix to spend €1 billion to make more made-in-Spain shows

US streaming giant Netflix said on Tuesday it was going to invest more than €1 billion ($1.1 billion) in productions in Spain, which has become one of audiovisual creation hubs in Europe.

"Over the next four years we plan to invest over one billion euros in Spain," Netflix co-chief executive Ted Sarandos said at an event in the company's studios near Madrid.

"With this investment, we will be able to contribute even more to the Spanish economy, create more Spanish jobs, tell more great stories made in Spain," he said, standing alongside Spanish Prime Minister Pedro Sánchez.

The event marked the 10-year anniversary of Netflix's presence in Spain.

It opened its studios there -- the first ones outside the United States -- in April 2019, shortly after finding global success with the Spanish crime series "Money Heist".

Since then, it has turned the 22,000-square-metre (236,800-square-foot) studios into one of its main sites for film and TV production in the European Union.

According to Netflix, its activity in the country supports more than 20,000 jobs.