Netflix CEO Ted Sarandos on company’s contribution to US economy: 'People forget this...'

Netflix co-CEO Ted Sarandos recently claimed that the streaming giant contributed $125 billion to the US economy between 2020 and 2024. Last month, while revealing this detail at Semafor’s World Economy Summit, Sarandos said: "Netflix alone, I think, from 2020 through 2024 contributed $125 billion to the U.S. economy.” This massive impact stems not only from subscriber revenue but from the company’s extensive production and employment footprint across America. According to Netflix’s official blog, that $125 billion infusion included over 900 productions and 140,000 jobs spanning all 50 states. The streamer directly employs 9,000 US-based staff and occupies five million square feet of studio and office space, most of it concentrated in California. Despite these contributions, Sarandos warned that the entertainment sector is frequently sidelined in economic policymaking. “People forget this is a real business,” he noted, highlighting the industry’s absence from trade negotiations and federal strategy. “You hardly ever see a sitting president photographed on a studio lot,” he added, pointing at the manufacturing-first focus that often dominates national economic discussions.At the event, Sarandos also revealed that Netflix’s effort to enter China in 2017 through a licensing partnership with iQiyi collapsed after not a single episode cleared government censorship over three years. While the move was ultimately abandoned, it has shielded Netflix from the ongoing US-China trade frictions that later prompted Beijing to curb American film imports.Free of operational risk in China, Netflix is now doubling down on its core streaming business as it pursues a $1 trillion market-cap goal by 2030. Sarandos noted that Netflix commands about 10% of TV viewing time in its most mature markets and represents roughly 5% of the $650 billion annual consumer spend on entertainment.To further engage fans, Netflix will open two 100,000-square-foot “Netflix House” venues—one in Dallas and another in King of Prussia, Pennsylvania—featuring themed dining, retail, and immersive experiences tied to its hit shows.