NJEDA Board Designates Netflix as a Studio Partner, Continuing New Jersey’s Film Industry Momentum

Projects filmed at new, state-of-the-art production studio campus at Fort Monmouth can now benefit from expanded Film Tax Credits  

TRENTON, N.J. (May 8, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today designated Netflix Inc. as a Studio Partner, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Netflix commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.

“The expanded Film and Digital Media Tax Credit program, coupled with strong state support, make a compelling case for the return of major production companies to New Jersey – the birthplace of film,” said Governor Phil Murphy. “With Netflix leading the way, the creation of new, world-class studios has solidified New Jersey standing as a national leader in film and television production. These substantial investments will create thousands of good-paying jobs, support small businesses and vendors, and stimulate the regional economy.”

In January 2023, Netflix entered into a Purchase and Sale and Redevelopment Agreement with the Fort Monmouth Economic Revitalization Authority (FMERA) to purchase 292 acres and develop over one million square feet of studio production and support space at the former Fort Monmouth. The state-of-the-art production studio campus will include 12 soundstages, backlot areas, an office building, and other production support facilities. Over 280,000 square feet of production space included in the project has been designated as Studio Partner Facility space by Netflix. Netflix plans to open the full facility in 2028.

“Under Governor Murphy’s leadership, film production continues to thrive in the Garden State, exemplified by Netflix’s commitment to build a world-class studio in Fort Monmouth,” said NJEDA Chief Executive Officer Tim Sullivan. “With the advantages of a generous Film and Digital Media Tax Credit program and today’s designation, Netflix is poised to grow its presence in New Jersey, revitalizing local communities and providing countless exciting career opportunities.”  

Founded in 1997, Netflix is a leading entertainment services company, offering subscription video on-demand and over-the-top streaming services for movies and television shows. In 2013, Netflix established its original content division, and its productions, such as “Stranger Things,” “Black Mirror,” and “The Irishman,” have garnered critical acclaim and won numerous awards.

“I want to thank Governor Murphy and his administration for their steadfast commitment to bringing this project to fruition,” said Netflix Co-CEO Ted Sarandos. “Today takes us one step closer to making New Jersey an international center for studio production and Netflix is excited to be a part of it.”

“In expanding New Jersey’s Film and Digital Media Tax Credit Program last summer, we sought to create incentives that would encourage studios to make a long-term commitment to our state,” said Senator Vin Gopal. “Netflix’s designation as a studio partner proves we were successful. New Jersey will soon be home to one of the most dynamic film studios in the world, and its work will be driven by direct partnerships with local businesses and communities.”

“This is an extremely exciting next step and a massive commitment to the investment of people and production facilities here in Monmouth County. It will bring countless jobs to the local community and economy, not to mention expanding upon New Jersey’s film legacy,” said Senator Declan O’Scanlon. “I’m grateful to see Netflix making this commitment to help the next stages of the innovative revitalization of Fort Monmouth. This is historic. I commend the Murphy administration, particularly the EDA, for a job well done.”

“Netflix’s Film Studio Partner designation by the NJEDA is a momentous event in the continuing redevelopment of the Fort Monmouth property. The Borough of Oceanport, the FMERA board and administrative staff, particularly Executive Director Kara Kopach, and the State of New Jersey have worked tirelessly to bring about this transformative economic and social revitalization of an abandoned military facility,” said Oceanport Mayor Thomas J. Tvrdik.“That a little town like Oceanport will be home to part of Netflix’s east coast operations center is simply incomprehensible for someone like me who has spent his entire life in this town. I, along with Oceanport’s entire Borough Council, look forward to the opportunities that Netflix will bring to Oceanport, Eatontown, Monmouth County and the State of New Jersey.”

“Eatontown is excited to welcome Netflix to our community. The closure of Fort Monmouth left an enormous void in the region. The size and scope of the Netflix project will bring enormous benefits to and revitalize the area,” said Eatontown Mayor Anthony Talerico, Jr. “I would like to thank Kara Kopach and her team at FMERA for their tireless efforts to redevelop Fort Monmouth. Working together with Mayor Tvrdik of Oceanport, Eatontown is happy to begin the next phase of negotiations with Netflix and move this project forward.”

“Netflix’s decision to build a top-tier production studio in New Jersey symbolizes the momentum of the state’s film industry, attracting more studios to the breadth of local talent, diverse filming locations, and generous incentives that the Garden State offers,” said New Jersey Motion Picture and Television Commission Executive Director Jon Crowley. “Today’s designation will allow Netflix to access increased benefits under the successful Film and Digital Media Tax Credit program, and our continued partnership over the next decade will bolster New Jersey’s standing as a hub of media production.”

Total production spending in New Jersey has surged since 2018, when Governor Murphy reinstated the Film and Digital Media Tax Credit program. Funded through 2039, the program provides a tax credit of up to 35 percent of qualified film production expenses, including a Diversity Tax Credit of up to four percent for productions that employ the services of women or people of color.  

The program was expanded in 2021, increasing the annual allocation to $400 million and granting the NJEDA authority to designate eligible film production companies as Studio Partners, which must commit to occupying large studio developments in New Jersey which have the potential to have large economic impacts. Studio Partners have access to a separate $150 million pool of incentives under the Film and Digital Media Tax Credit program and allows a production company to capture additional above-the-line salaries and wages as part of its tax credit award.

For more information on the NJEDA’s suite of production support, visit www.njeda.gov/film/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###