Film producer Bradley Gallo discusses whether President Donald Trump’s tariffs can revive the Hollywood film industry on ‘Varney & Co.’
Netflix has broken ground on its $1 billion “state-of-the-art” East Coast studio in New Jersey as President Donald Trump pushes to have movies made in America.
The $1 billion investment by Netflix will transform Fort Monmouth’s 292-acre army installation into a nearly 500,000-square-foot studio.
The studio will feature 12 cutting-edge sound stages and areas dedicated to supporting film uses and community amenities, according to Netflix.
The project was announced in 2022, and demolition is expected to take 13 months.
Netflix’s new $1 billion studio has a projected completion date of 2028. (Netflix)
Netflix expects the project to create an estimated 1,500 permanent production jobs and more than 3,500 construction-related jobs. It is expected to be finished sometime in 2028.
Ted Sarandos, co-CEO of Netflix, said the company is looking to invest even more in American innovation.
“Over the past four years, Netflix has contributed $125 billion to the U.S. economy and hired more than 140,000 cast and crew members,” Sarandos said.
New Jersey Gov. Phil Murphy and Netflix co-CEO Ted Sarandos pose as they break ground on a new studio in New Jersey. (Netflix / Fox News)
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New Jersey-based actor Jared Johnston, who has appeared in projects for Netflix and Apple TV, told FOX Business the studio is going to be “great” for the industry.
“It’s going to be great for our industry as long as the local, state and federal governments do their part to offer competitive tax breaks to keep productions and the thousands of union jobs that TV/film creates here in the beautiful new studios that are being built as well as the established studios already in the NYC area,” Johnston said.
Reviving America’s film industry has become a priority for the Trump administration.
Earlier this month, Trump announced a 100% tariff on foreign-produced movies.
President Donald Trump looks to revive Hollywood and save it from “DYING a very fast death.” (Joe Raedle/Getty Images / Getty Images)
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In a Truth Social post, Trump wrote, “The Movie Industry in America is DYING a very fast death. Other countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States.”