Netflix to spend $6bn on TV and film content in next three years
The on-demand streaming service is set to continue its world domination
Thursday 06 February 2014
Netflix will spend $3 billion on new content and will “substantially increase” their investment in original content in 2014.
The streaming service has already moved quickly to aid investment in its original content, after confirming this week that there will be a third season of their hit TV show House of Cards. All episodes of the second season will become available on Netflix from February 14.
The political drama show, created by Netflix, was the first non-network show to win not one, but three, Emmy awards in September last year.
Netflix’s annual report reveals that the company made $4.3 billion in revenue in 2013, a year-on-year increase of 19% in comparison to their $3.6 billion revenue in 2012.
The company expects to spend $6.2 billion in total on new content over the next three years, as well as $400 million into technology development this year.
Netflix are also planning to further expand their services internationally and “expect a substantial European expansion in 2014”, according to the annual report. Netflix already streams content to 41 countries globally.
The firm also announced earlier this week that it will be raising $400 million of debt “for general corporate purposes”, including “investments” and “strategic transactions”.
The television network currently has 44 million members around the world and is expected to expand into France and Germany later this year.
Netflix has grown rapidly in the UK, reaching 1.5 million subscribers in August last year, despite only launching its UK version in January 2012.
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