Despite a global decrease in subscribers, Netflix has revealed that it has invested $6 billion (£4.8 billion) into new movies and television shows in the United Kingdom since 2020.
The streaming service last revealed its annual spending figures in 2020, suggesting they’d be investing $1 billion into new shows and films that year. However, these latest figures demonstrate that Netflix has spent $2 billion more than intended, with an increase of $500 million a year.
Although its subscriber rate has fallen over the past few years, Netflix is keen to maintain its audience in the UK, which, after the United States, is its second-biggest market. Many of the streamer’s most popular shows are created in the UK, such as Heartstopper, Sex Education and The Crown. Almost a third of Netflix’s European productions are made in the UK.
Anne Mensah, the vice president of UK content at Netflix (via The Guardian), said, “Our productions are some of buzziest, most watched and zeitgeist-defining in the world.” She added, “Between 2020 and 2023, we will in fact have invested almost $6bn creating Netflix series and films here, an increase of nearly 50% on what we originally anticipated.”
Each year, Netflix earns over $1.4 billion from subscribers in the UK. They spend more money than any other streaming platforms, such as Amazon, in its bid to remain the champion of the services.