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It's also spending a lot to produce its own original shows and movies around $8 million dlls his year alone.

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Netflix (NFLX) has been growing rapidly. The company reported during its last earnings quarter that it now has about 130 million customers worldwide.

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The city's mayor and the governor of New Mexico hailed Netflix's move as an economic win for Albuquerque.

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Netflix says the purchase will bring $1 billion in production to New Mexico over the next decade, while creating up to 1,000 jobs per year. State and local officials will also commit as much as $14.5 million in funding for the project.

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Netflix has been ramping up production of its original series in the last few years, and plans to make the studio hub home to some of those shows. Two upcoming Netflix series, the dramas "Chambers" and "Messiah," are already being shot in New Mexico and will be produced at the new facility.

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The streaming company announced that it is in the final stages of negotiations to buy ABQ Studios, a production studio in New Mexico's largest city.

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Netflix is now buying its first production studio in Albuquerque, New Mexico.