Netflix To Spend Over $17 Billion On Streaming Content In 2021

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.

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"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."

Netflix on the Apple Store/Image Source: Apple Store

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.

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During the first quarter of 2021, the most-watched shows on the streaming platform included the first season of Firefly Lane (with 49 million households streaming it during its first 28 days on the platform), season three of Cobra Kai (45 million), Fate: The Winx Saga (57 million), and Ginny and George (52 million).

As for movies, Netflix subscribers favoured Outside the Wire (66 million), Yes Day (62 million), I Care a Lot (56 million), and the last film in the To All the Boys I've Loved Before trilogy (51 million).