Netflix — Jul 17, 2025 release

As we grow globally, our most significant investment remains in the US 14 , which accounts for the majority of our content spend, workforce and production infrastructure. From 2020-2024, we estimate that we contributed $125 billion to the US economy. Our expansion in Albuquerque, NM—adding four new soundstages to a 108-acre site—and our plan to invest roughly $1B to develop a state-of-the-art production facility (including 12 new soundstages) in Fort Monmouth, NJ, underscore our ongoing commitment to production in the US. We recently announced a partnership 15 with leading local broadcaster TF1 in France which will allow us to offer TF1’s linear channels and on-demand content to our French members as part of their Netflix subscription without having to leave our service. The wide variety of additional content will include local titles and genres like soap operas, big weekly competition shows and major live sports programming such as the UEFA Nations League that is incremental to what we offer our members today. The partnership will go live in the summer of 2026 and we expect to learn about the value this expanded local programming can provide our members. We continue to invest in immersive, narrative games based on our IP. For example, in Q2 in conjunction with Black Mirror S7, we launched Thronglets , the game at the center of the episode “Plaything.” The mobile game immersed fans in the world of Black Mirror like never before. And, alongside the series finale of Squid Game , we made significant updates to Squid Game: Unleashed , introduc