USD/BTC =$105,739 Block 899,690 TL:DR

EATONTOWN, N.J. — Netflix officially began construction Monday on a $1 billion film and television production facility at Fort Monmouth, transforming a former U.S. Army base into what the company calls a “premier East Coast production hub.”

The 292-acre site in Monmouth County will house 12 soundstages totaling nearly 500,000 square feet, along with supporting spaces for production and community amenities. The project is expected to bring thousands of jobs and billions in economic output to the state, according to Netflix co-CEO Ted Sarandos.

“Netflix is proud to invest in American innovation and the creative community,” Sarandos said at the ceremony. “We estimate that these studios will create thousands of jobs for New Jersey residents, billions of dollars in economic output, and many other cultural benefits to the region and state.”

The former Army installation has remained largely unused for over a decade. In 2022, Netflix announced its intention to acquire and redevelop the site. Demolition is expected to take about 13 months, and the studio could open in 2028, pending final approvals.

Netflix is coming for Hollywood! Bringing it back to the east coast! For almost 10k BTC they are creating competition for movie and content development. Just when you thought Netflix can grow no more.