Netflix Co-CEO Greg Peters Calls U.K. Production Ecosystem A Great Example For U.S.

Netflix co-CEO Greg Peter on Wednesday talked up the company’s investment in U.K. production and why it’s so extensive – the combination of talent and incentives.

“We’ve spent over a billion pounds on UK productions since 2020, so this is over 100 titles that we’ve done, and we’ve worked with over 50,000 cast and crew here. And I think you’ve seen some amazing shows as a result” from Adolescence to Dept. Q, Black Doves, The Gentlemen and Toxic Town, Peters said today at the Wall Street Journal’s CEO Council in London.

“We’ve invested a lot here is because there’s incredible infrastructure, there’s incredible talent, and there’s a great production incentive model. So everything is in place to make this ecosystem really, really work. And I think that that’s a great example for the United States.”

The U.S. has no comparable federal tax incentive for film and television production.

The UK is the streamer’s second second largest production hub after the U.S., Peters said, where individual “states are highly competitive on a state-by-state basis with production incentives that allow us to bring more work to places like New Jersey, where we’re building a whole new production facility, and in New Mexico, where we’ve built a new production facility. And so I think that’s probably the model to think about.”

New York has just sweetened its production incentives significantly. California is in the process and states from Texas to Kentucky are pushing to lure productions. Meanwhile, the tariff-heavy Trump administration a month ago floated the idea of an import tax on production filmed outside the U.S., something the industry worldwide hopes will be a fleeting thought. Some points were outlined in a plan that Oscar-winner and Special Ambassador to Hollywood Jon Voight presented to Donald Trump but there’s been nothing since.

Asked about the potential hit, Peters, who runs Netflix with fellow co-CEO Ted Sarandos, said, “We try and focus on things that we can control. And f we have a specific proposal to respond to, we will, but nothing’s really materialized yet.”

There had also been talk in the U.K. of a 5% tax on U.S. streamer revenue on some UK production. Netflix has come out swinging against that and Peters said today, “It would be a mistake.”

“I could list 100 titles I think that were made here in the UK, that are … I think authentically British and loved here. I mean, the metrics definitely demonstrate that even if they were watched elsewhere.

“When we produce in the UK, we produce principally with a UK audience in mind. And sometimes those stories travel, and they’re big globally, and that’s great, and we love that. And usually that’s a good sign that we’ve told an authentic story well. But, you know, I mentioned before, you know, we’re investing over a billion pounds a year we’ve done over the last, you know, five, six years, we plan on continuing that trajectory where we’re growing that for me, I think that’s, you know, evidence of a positive participant to the ecosystem.”

Asked how it feels “to be the victor of the spoils” as big media companies like Comcast and Warner Bros. Discovery are splitting off their declining linear television networks from streaming, he demurred.

“I feel like that’s probably a little bit of an overstatement,” he said. “The industry is clearly going through a little bit of maturation phase in this evolution, and I think we’re getting to that next zone.”

And, he acknowledged, “I think we were lucky in the sense that we engaged in this in a way where we have not been encumbered by some of those legacy considerations. So we’re in a fortunate position of not having to deal with some of those things that other companies are having to deal with.”

What’s the most underrated Netflix show in his view? “It’s a tough one. Well, I’m going to say my pitch to make sure that it has a second season — Dept. Q. Scottish. Please check it out. More viewers mean we’ll renew it.”