Streaming giant Netflix has revealed plans to spend $17 billion on content this year, as revealed in its first-quarter earnings report.
The news is contained in a recent Variety report and the company, speaking via its letter to shareholders, said: “As we have 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 rollout of vaccines is very uneven across the world, we are back 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 will continue to deliver an amazing range of titles for our members with more originals this year than last.”
Last year, Netflix spent $11.8 billion in the wake of the pandemic forcing delays in productions in the industry. In 2019, it spent $13.9 billion on content.