Netflix Will Reportedly Spend $3 Billion On TV/Film Content This Year
Netflix announced a new $400 million senior note offering this week, which it intends to use to fuel original content purchases and European expansion.
Apparently the company expects to spend about $3 billion on TV and film content this year. The Guardian reports:
Netflix is committed to spending almost $3bn on TV and film content in 2014 and more than $6bn over the next three years, as the cost of securing international rights and commissioning new shows continues to mount on the streaming giant’s balance sheet.
The company just announced that it has renewed its flagship original House of Cards for a third season. Sense8, one that won’t even debut until 2015, is expected to go on for five seasons, and from the sound of it, it likely has a pretty substantial budget.
On its recent earnings call, Netflix said original content will continue to be an increasingly big part of its content spending pie.
Meanwhile, Netflix is looking to launch in France, Germany and other unspecified European markets.
Image: Netflix CFO David Wells via YouTube