Netflix Will Spend $17 Billion on Content in 2021
Netflix has revealed that its total amount of content spending in 2021 is $17 billion, according to its first-quarter earnings report. The report states that this number is up from $11.8 billion in 2020, when productions faced delays due to coronavirus shutdowns.
“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 Netflix in a letter to shareholders. “And 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 $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.”
In the first quarter, among Netflix’s most-watched shows was Firefly Lane, whose first season was viewed by 49 million households in the first 28 days of streaming. Fate: The Winx Saga soared even higher with 57 million household viewings. Meanwhile, movies including To All the Boys I’ve Loved Before: Always and Forever and I Care A Lot were big hits for the company, garnering over 50 million household views each.
But the most popular title to arrive on Netflix this quarter was Lupin, a French heist series starring Omar Sy. The show drew 76 million member households within its first month on the platform.
While Netflix is on track with its projected earnings, the streaming service missed its first-quarter subscriber targets. The goal was six million new members, but they only gained 4 million. With the growth of competitors such as Paramount+ and Peacock, Netflix is hoping its slate of upcoming 2021 originals will draw more new traffic in the second half of the year.
Gallery — The Best Netflix Originals: