Netflix‘s infinite well of money does not look like it’s drying up anytime soon. The streaming giant has revealed that it plans to spend a whopping $17 billion on content this year. Which, suffice to say, is a lot of money.
Netflix revealed in its first-quarter earnings report that it will spend over $17 billion on content in 2021. The company states in a letter to shareholders (via Variety):
“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,” said the company in its letter to shareholders. “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.”
That’s a major uptick from the streamer’s 2020 spending of $11.7 billion and a 2019 content spend of $13.9 billion, but Netflix appears to be wanting to make up for lost time from pandemic production delays. The coronavirus (COVID-19) pandemic brought to a halt many Netflix productions, causing original releases and sequels planned for last year to be pushed back. But it wasn’t like Netflix was hurting much last year either, with everyone driven inside and streaming experiencing the biggest boom ever.
According to Netflix’s first-quarter earnings report, originals like Fate: The Winx Saga reached 57 million household viewers, while Ginny & Georgia gained 52 million. Former YouTube Original Cobra Kai: Season 3 hit 45 million, while Firefly Lane: Season 1 reached a massive 49 million households during the first 28 days of the series release. All the series landed on Netflix’s most-watched shows in 2021 during the first quarter.
On the film side, Outside the Wire reached 66 million viewers, Yes Day hit 62 million, I Care A Lot met 56 million, and To All the Boys: P.S. I Still Love You hit 51 million viewers.
The streamer’s international outreach has been lucrative for Netflix too, with local-language original productions like Mexico’s Who Killed Sara reaching an estimated 55 million household viewers during its first four weeks on the streamer. That makes it Netflix’s most popular non-English title ever in the U.S. The previous record was held by Spain’s Below Zero, at 47 million, while Korea’s Space Sweepers trailed behind at 26 million. Netflix also spotlighted the popular French heist series Lupin, which drew 76 million member households in its first 28 days on the platform, making it Netflix’s most popular new title this quarter.
The post Netflix is Reportedly Spending $17 Billion on Content in 2021 appeared first on /Film.
from /Film https://ift.tt/3avJeUC
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