Netflix will spend ‘vast majority' of its $17 billion content budget on originals in 2024 despite a deluge of licensed hit shows up for grabs [Fortune]
Netflix, Inc. (NFLX)
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Source: Fortune
the streaming leader and instead decided to play nice by renting their vast libraries of content to it. The strategy has given Netflix one of the biggest repositories of content in streaming and helps it outshine its rivals for subscribers. But Netflix has no plans to slow down on creating its own original movies and series. In fact, the company says it will spend the majority of its $17 billion content budget this year on producing its own exclusive material. “There has been more licensed content opportunity, but the vast majority of our content spend is still into original programming, and it is likely to continue to be,” chief financial officer Spence Neumann said during Netflix's latest quarterly earnings call last week. In recent years, Netflix has built its business around producing hit original content. Titles like supernatural series Stranger Things, Regency-era romance Bridgerton, and coming-of-age comedy Wednesday have driven the cultural zeitgeist. To add and keep s
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