Netflix Studios, a 1-million-square-foot campus with 12 soundstages, broke ground today at Fort Monmouth and is scheduled to open in 2028, as moviemaking returns to the state where it all began. According to news reports, the project costs $900 million.
The studio will serve as Netflix’s flagship production location on the East Coast. The new site of the studios is slated to bring 5,000 new jobs, which includes 3,500 construction jobs followed by 1,500 permanent production jobs, according to Netflix.
Netflix’s studio campus will cover about 292 acres in Eatontown and Oceanport and will help spur the Monmouth County economy. Besides the soundstages, Netflix Studios will include backlot areas, an office building, and other production support facilities. Some businesses have already opened at the former military installation and residential projects near Fort Monmouth have broken ground that will bring hundreds of homes to the region.
“Netflix is proud to invest in American innovation and the creative community,” said Ted Sarandos, co-CEO of Netflix. “We estimate that these studios will create thousands of jobs for New Jersey residents, billions of dollars in economic output, and many other cultural benefits to the region and state.”
Gov. Phil Murphy, a strong advocate for the state’s movie and television industry, was on hand for the groundbreaking, along with local officials such as Eatontown Mayor Anthony Talerico Jr., Oceanport Mayor Thomas J. Tvrdik, New Jersey Speaker Craig Coughlin, Senator Vin Gopal, Senator Declan J. O’Scanlon Jr., and Monmouth County Commissioner Director Thomas A. Arnone.
Murphy reinstated the New Jersey Film & Digital Media Tax Credit Program in 2018 and expanded it in 2020 and 2023. The program offers tax credits of 30% to 35%, with diversity bonuses of up to 4%. Since the relaunch of the program, there has been more than $2.4 billion in qualified production spending; creation of 19,000+ jobs in New Jersey; industry spending is projected to reach $1 billion in 2026.
“The Netflix studio at Fort Monmouth further solidifies New Jersey’s reputation as a global leader in film and television production, attracting some of the world’s top filmmakers and creators to the state,” said Murphy. “We are grateful to Netflix for choosing New Jersey as its new home on the East Coast and for committing to an investment that will fuel economic growth, generate thousands of new jobs, and bring more patrons to our local businesses.”
“The Netflix studio at Fort Monmouth further solidifies New Jersey’s reputation as a global leader in film and television production, attracting some of the world’s top filmmakers and creators to the state. We are grateful to Netflix for choosing New Jersey as its new home on the East Coast and for committing to an investment that will fuel economic growth, generate thousands of new jobs, and bring more patrons to our local businesses.”
In December, the N.J. Economic Development Authority approved an Aspire tax credit of up to $387 million for the Netflix Studio in Fort Monmouth.
Earlier in 2024, the EDA Board designated Netflix as a studio partner, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Netflix commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.
