World's leading media streaming entertainment service Netflix has recently signed a deal at WeWork's Nesco coworking space in Goregaon, Mumbai to procure a flexible work centre for an entire floor.
The deal was signed on June 30, where the online video streaming company transacted for 8,860 square feet for around 320 seats, some official sources who know about the agreement confirmed.
The entire floor booked by the company will be mainly used to implement and carry out some visual effects work along with another animation company called Anibrain which specializes in creating stunning visuals for films, TV apps and mobiles. Visual effects and animation which is currently in huge demand throughout the country especially among youths have made the company take this decision.
Without revealing financial terms, the people aware of the deal said, "The deal tenure is two plus one year with a lock-in-period of 18 months. The employees operating out of Nesco complex will exclusively be aligned for Netflix work."
The WeWork IT Park located in Mumbai stretches to eight floors spread over an area of 228,000 square feet with a total seating arrangement of 3,400. This deal is the third-largest for the operator of the flexible space this year.
Earlier this year, the company had signed a huge deal with Australia's Commonwealth Bank and Bytedance of China, across Mumbai and Bangalore.
However, both WeWork and Netflix refused to disclose any information related to the financial deal.
Anibrain has offices not only in Pune but also in Mumbai's Andheri suburbs with more than 700 employees providing service to global customers and has also worked on global projects like, The Aeronauts, The Secret Garden 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," another person knowing about the agreement stated.
Till date, Netflix has produced 50 stories and films in India with original content and has emerged as an important content provider in the entertainment industry.
In order to widen its presence, the online media hub procured an area of 1,37,000 sq feet in Godrej Bandra-Kurla Complex last year in January.
"Once the lockdown is lifted, it may take another two months for the Godrej property to go live. Netflix will also move from the existing co-working properties," another person said.
Earlier, Netflix had procured flexible work centres with about 100 seats at Maker Maxity's Executive Centre in BKC and another office with an area of 9,000 sq ft in the same complex of the Centre.
