Netflix Plans to Spend $17 Billion on Content in 2021
by Emily Nagle
As coronavirus vaccines roll out across the globe and filming slowly resumes, Netflix has revealed that it will spend $17 billion on content in 2021.
The plan was disclosed in the streaming company’s first-quarter financial report. Netflix reported a drop in new subscribers in the first few months of 2021 due to 20% less original content than in previous years. Fortunately, the company has announced plans for later this year that will bring subscriber rates back up.
“While the roll out of vaccines is very uneven across the world, we are back up and producing safely in every major market, with the exception of Brazil and India,” the company announced in their shareholder letter. “Assuming this continues, we’ll spend over $17B in cash on content this year and we’ll continue to deliver an amazing range of titles for our members with more originals this year than last.”
The amount Netflix spends on their content is forecasted by analysts to increase over the next several years, who predict the company could spend $26 billion in 2026. With some of the world’s biggest media companies like WarnerMedia, ViacomCBS, and Disney creating streaming services in recent years, the long-time king of the streaming industry has competition that’s catching up fairly quick.
Most of the content slated for release on Netflix is scheduled to arrive later in the year, when filming is likely to be less restricted. The company has confirmed that the tail end of 2021 will see “the return of new seasons of some of our biggest hits and an exciting film lineup” in addition to “a large number of returning franchises.” Notable mentions include the return of hit shows like “Sex Education,” “The Witcher,” and “You,” and new movies including the final installment of “The Kissing Booth”, “Red Notice”, and “Don’t Look Up.”