Netflix, the world’s largest streaming service, is planning to make up for the delays from 2020, with production safely up and running in almost every major market.
Netflix has released its first-quarter earnings report and revealed a plan to spend over $17 billion on production over the fiscal year for 2021. It’s quite the rise in costs from the previous year which had their spending at $11.8 billion, though the delays caused by the COVID-19 pandemic led to lower spending even from the year before with 2019’s spend of $13.9 billion.
“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”, this coming from the companies letter to shareholders as reported by Variety. “And while the roll out 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”.
The effects of the COVID-19 pandemic on entertainment industries has caused a widespread of delays for a variety of large franchises, so it’s not surprising to see a rise in spending costs as Netflix and most other major entertainment conglomerates try to catch up and adjust their schedules.
In any case this is exciting news for fans as we should be able to expect a lot more from Netflix over the coming year, whether its a new show returning like the highly anticipated return of Castlevania soon to come on May 13 or potentially finding a new favourite in whatever new original content Netflix has planned.
For more on the latest at Netflix, check out the exclusive deal they recently signed with Sony.