Netflix to invest $63m in SA’s film and tv industry

Global streaming giant Netflix Inc. is turning its attention to South Africa as it looks to boost subscriber numbers on the continent.

The company will pump R929 million ($63 million) into the creatives industry by 2023, with the funds covering one international production and three local shows, it announced at the South Africa Investment Conference in Johannesburg on Thursday.

“South Africa is fast becoming a top global location for Netflix productions, with the country viewed as the go-to location with a robust and talented film industry,” Shola Sanni, Netflix’s director of public policy for Sub-Saharan Africa, said.

The investment conference is an annual event initiated by President Cyril Ramaphosa in 2018 that seeks to secure domestic and inbound investment of R1.2 trillion over five years.