Netflix might be jacking the prices up for consumers at regular intervals, but no-one can accuse the streaming giant of keeping those extra pennies in the coffers.
The company will spend an incredible $18 billion (around £14 billion) on creating its original shows and movies this year alone. And the scary part is, the company has no intention of slowing down. In fact, the opposite is true.
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In an interview with Variety, the chief Netflix bean counter is promising to keep the money going out as fast as it comes in, in an effort to keep the best TVs shocked with the best entertainment.
“We’re not anywhere near a ceiling,” said chief financial offer Spencer Neumann. Doubling down, ol’ Spence said “I think we’re just getting started.”
Last year Netflix spent $16.2 billion on filling the digital airwaves with all manner of TV shows, movies, sports, wrestling, stand-up comedy events, reality TV and that frankly woeful Mike Tyson fight that made everyone on the planet realise they’d been absolutely swindled.
So this year’s expenditure of a further 11%, which will include a rematch from the actually good fight on that Tyson card – Katie Taylor vs Amanda Nunes. So that’s something to look forward to.
Netflix says its attitude towards content spending is “a little art and a little science” and that its key objective is to provide “more and more entertainment value per dollar.”
Neumann added: “We see the opportunity to grow everywhere. It’s more about, where is the biggest opportunity to grow and spend… We want to stay in growth mode versus maintenance mode as long as possible.”
You’re paying for this
The more Netflix spends, the more we’re going to be asked to pay. It’s that simple. So, when he says “we’re nowhere near the ceiling,” in reference to such extravagant spending, what he means is how much he thinks he can get away with charging for subscriptions. Just something to bear in mind.
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Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
