Every Hollywood studio spends hundreds of millions, if not billions, on movies and TV shows every year. It’s just part of being in the game. But Netflix, the most dominant force in the streaming world, is truly outdoing the competition in that department. Case in point, the streaming service has revealed that they will spend upwards of $17 billion on original content in 2021.
The news was revealed during Netflix’s recently quarterly earnings report. While subscriber growth missed its targets, as growth has slowed in the U.S., the company is continuing to spend money like it’s going out of style. In discussing the content rollout strategy for the rest of the year, the company outlined its massive spending plans, saying the following.
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“As seen in the weekly growth chart above, in early Q1, with the benefit of Bridgerton, Lupin and Cobra Kai, we were following a growth trajectory similar to recent years. 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 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. 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.”
Where Netflix has succeeded is by generating original, must-see movies and TV shows. Stranger Things and Orange is the New Black were earlier examples. But over the last year, shows such as Cobra Kai, which was inherited from YouTube}, and The Witcher, as well as breakout Bridgerton, have given them more hits for the future.
The streaming giant is going big on movies as well, releasing more than 70 originals in 2021 alone. At least one new movie per week. This includes everything from small dramas to massive blockbusters such as Zack Snyder’s Army of the Dead. Netflix, additionally, explained that it is looking to invest in content that can play in various territories around the world, appealing to those specific countries, in those languages.
“Another goal is to create great, locally authentic stories in countries all around the world. It’s why our priority for local language titles is to have a big impact in the home territory so we don’t sacrifice local impact for ‘travelability.’ But we’re increasingly seeing that these local titles find significant audiences around the world, which supports our thesis that great stories are universal: they can come from anywhere and be loved everywhere.”
Netflix cited projects such as Below Zero from Spain, Space Sweepers from Korea Squared Love from Poland and Who Killed Sara? from Mexico as successful examples. Spending is expected to increase as well. In 2018, Netflix spent around $12 billion on original content, which then jumped to $15 billion in 2019. But with increased competition from the likes of Disney+, HBO Max and others, spending will be the way to keep them in the game. This news comes to us via Deadline.
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