netflix to increase london office

Netflix To Increase London Office Footprint By 3-Fold

LONDON – Even though COVID-19 has compelled businesses to reduce their office space capacity, streaming giant Netflix intends to defy the trend by tripling its office footprint in the city, reported the Business Insider on Saturday (10 October).

A source who requested anonymity told the news website that the company plans to shift to an 87,000 sq ft new office building in London’s West End, which will serve as its new headquarters in the United Kingdom.

Located on Berners Street, the commercial property was leased to BPO company Capita until recently, but the insider revealed that the streaming giant will be taking over the lease. Moreover, BBC reported that Capita is closing about 33 percent of its offices in the UK.

Currently, Netflix is leasing two office buildings in London with a combined area of about 30,000 sq ft, and it plans to retain one of these. Adding the 87,000 sq ft new office building, this means the streaming giant will occupy roughly 100,000 sq ft of office space in the city.

However, the company plans to renovate the new West End office, and its employees are expected to move in by 2022 at the earliest.

To add to its existing 269 employees in the country, Netflix plans to hire cast, crew, and extras, in line with its plans to “invest heavily in the British creative economy,” shared the source. In 2019, the company filmed more than 50 productions, and some of them became global hits like “Sex Education” and “The Crown”.

Netflix is among major tech firms that are flourishing amidst COVID-19 restrictions. In fact, the number of its new subscribers in 1H 2020 is nearly equivalent to what was seen for the whole of 2019, with over 10 million people signing from April to June 2020 alone.

In Q2 2020, the company’s operating profit also surged to US$1.36 billion, representing a 42 percent quarter-on-quarter jump and a year surge of nearly two-fold.

Although some firms have welcomed working from home, Netflix’s Founder and Co-CEO Reed Hastings described such work arrangement as a “pure negative” as people can’t interact face-to-face. He told this to The Wall Street Journal in September.

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