Netflix is arguably the most popular streaming service in the world right now, as it continues to produce a lot of original content comprising of TV series and movies. Now it seems the company is determined to spent a lucrative amount of money into producing content this year.
According to a report by Variety, Netflix plans to spend $17 billion on just content alone in 2021. This is also due to the fact that last year’s production had several delays due to the COVID-19 pandemic, which led to a more crowded schedule this year.
This is a huge jump from 2020’s expenditure, which was $11.8 billion on content. Netflix certainly needs more high-quality original shows if it wants to better its competition. Disney + already has Marvel and Star Wars while HBO Max and Paramount+ have IPs like DC, Harry Potter, and Halo to promote their services.
While Netflix certainly has original shows which were a huge hit, including Stranger Things and Bridgerton, they simply don’t have a huge flagship franchise to rely on.
The current hope is that by spending so much money, a few unexpected hits akin to Tiger King or The Queen’s Gambit will be made this year. We will have to see if Netflix’s strategy ultimately pays off or not.