Strapped for cash? That’s certainly not something that Netflix can relate to as the streaming giant just announced that it will spend over $17 billion on content this year, according to its first-quarter earnings report. Not a bad investment for a company that sells subscriptions for around ten dollars a pop.
In a letter to its shareholders, the company — which went IPO (Initial Public Offering) in 2002 — said, “As we’ve noted previously, the production delays from COVID-19 in 2020 will lead to a 2021 slate that is more heavily second-half weighted with a large number of returning franchises.
“And while the rollout 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. Assuming this continues, we’ll spend over $17 billion 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.”
For reference, the company spent $11.8 billion in 2020 and $13.9 billion in 2019.
The streamer has been on a winning streak of late with shows such as Bridgerton, Firefly Lane and Ginny & Georgia attracting millions of viewers worldwide. In fact, Regency-era drama Bridgerton became the platforms biggest series ever with 82 million streams.
Netflix also noted that the French heist series Lupin drew 76 million member households in its first 28 days on the platform, making it its most popular new title this quarter.
On the film side, the streamer referenced Outside the Wire, Yes Day, I Care a Lot and the last movie in the To All the Boys I’ve Loved Before trilogy as their first-quarter stars, attracting between 51-66 million viewers.
Meanwhile, Oscar-contenders Mank, A Love Song for Latasha, Da 5 Bloods and Pieces of a Woman all reportedly experienced a decent uptick in viewership once it was announced they were in the running for the prestigious awards.