Netflix to expand its library this year, plans on spending extensively!

LetsOTT Editorial Team -

Netflix to expand its library this year, plans on spending extensively!

Netflix is on par with its spending plans of last year and is not letting a penny go loose. The streaming giant has planned to spend almost over $17B in expanding its content library and creating/acquiring new shows and films. In 2019, Netflix had spent $15B but last year, it went upwards to a whopping $17B and BMO Capital Markets’ Dan Salmon estimates that looking at current figures and financial stats, the figure could go way up to  $26B by 2026, as reported by Deadline. 

In its shareholder letter, talking about the expenditure it was stated, "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 $17B 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". 

This does not come as surprising news as Netflix is trying to up its game in the ferocious OTT market, especially looking at how streamers such as Amazon Prime and Apple Tv+ among some are doing. News also is that Disney+ looking to spend around $8B a year over the next few years so audiences better wear loose pant because they are going to be fed well. 


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