Netflix has confirmed that it’s preparing to spend over $17 billion USD (about $21.4 billion CAD) on content in 2021 alone.
The company made the announcement during its first-quarter earnings report, which revealed that it only brought in 3.98 million subscribers compared to the expected 6.29 million.
The streaming service attributed the low growth to a natural decline following the sharp increase this time last year due to the COVID-19 pandemic, as well as associated production delays leading to “a lighter content slate” in the first half of 2021.
That said, the company is touting the $17 billion USD figure as reassurance that it will have more content going forward to draw more people in throughout the year.
“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 its Q1 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.”
For context, the company spent $11.8 billion (about $14.9 billion CAD) and $13.9 billion (about $17.5 billion CAD) in 2019.
That’s not to say Netflix is disappointed with how some originals fared during this quarter. In its shareholder letter, the company revealed big first 28 days viewership figures for Season 3 of Cobra Kai (45 million), Firefly Lane (49 million), To All the Boys: Always and Forever (51 million), Ginny & Georgia (52 million), Outside the Wire (66 million)
At the same time, Netflix pointed to several noteworthy upcoming 2021 originals, including new seasons of popular series Sex Education, The Witcher, You and La Casa de Papel (Money Heist), as well as buzz-worthy films like Red Notice (starring Vancouver’s own Ryan Reynolds, Dwayne “The Rock” Johnson and Gal Gadot) and Adam McKay’s star-studded Don’t Look Up (featuring an ensemble cast that includes Leonardo DiCaprio, Jennifer Lawrence, Timothée Chalamet and Meryl Streep).
Specific release dates for these originals have not yet been confirmed. However, a sizzle reel containing footage from 27 of this year’s films can be found here.
Source: Netflix
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