In 2018, Netflix reportedly planned on spending between $7 billion and $8 billion on content. Now it is being reported by The Economist that Netflix has ramped that up to $13 billion according to a source close to Netflix.
According to the report, Netflix has acquired 700 new or exclusively licensed programs with at least 100 of them being scripted dramas and comedies.
This all comes as both Hulu and Amazon are increasing their number of originals. Hulu is currently riding high off their hit The Handmaid’s Tale, and Amazon has a growing list of new shows including a show based on Tom Clancy’s Jack Ryan books. Even YouTube is doubling down on their original content.
Netflix is also still riding high off not only older hits like Orange Is the New Black but also new hits like Stranger Things. The question now for Netflix, Hulu, and Amazon is can how can they keep up this rate of spending before having to find a new way to monetize shows.
Source: The Economist
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