Video streaming giant Netflix has signed a flexible deal with real estate company WeWork that offers shared workspaces. The streaming giant has secured an entire floor at the Nesco Coworking Centre in Goregaon, Mumbai.
The floor is around 8,860 square feet in area and has capacity for 320 seats, according to The Economic Times. The deal was signed on June 30, according to people aware of the deal, reports the daily.
The workspace will be used to execute visual effects work. Netflix will be working alongside VFX company Anibrain. Visual effect work has been in high demand in the country for the past few years. Anibrain has its offices in Pune with over 700 people on its staff. It has worked with Netflix in the past on series such as The Aeronauts and The Witcher.
"India is a very important centre of production globally. Most content creation happens out of countries like the United States, Japan and India," said a second person aware of the deal. Speaking about the Netflix-WeWork deal, the person said that the deal tenure is for two plus one year with a lock-in period of 18 months.
WeWork is a real estate company that specialises in providing office space to companies and start-ups. The WeWork Nesco IT Park in Mumbai has eight floors and seating capacity of 3,400. It is spread across 228,000 square feet.
This the third major deal that WeWork has signed this year. Earlier this year, WeWork had signed a large deal with Commonwealth Bank of Australia and another deal with China's ByteDance.
Both Netflix and WeWork have not made any official comments on their deal.
Netflix has been aggressively expanding in India for the past years. It has over 50 series and movies already in production for the Indian audience. Recently, it leased 1,37,000 sq ft in Godrej Bandra-Kurla Complex to expand its presence in the country.