Home Your IT Entertainment Netflix announces massive $3 billion spend
Netflix announces massive $3 billion spend Featured

Netflix has announced it's going to spend almost US$3 billion on film and TV content as it works towards commanding the living rooms of not only Americans but also Australians, and those all over the world.

The streaming content company, which doesn't currently have an Australian office, said it would be spending US$6 billion over the next three years towards content.

A large chunk of that money will go towards the cost of securing international rights and commissioning new shows. One common criticism of Netflix is its lack of quality popular films, though its original content, like 2013's House of Cards, has been critically lauded.

As first reported by the Guardian, the US company also announced this week that it is to raise $400m to help fund this investment in original programming and a major European expansion later this year.

No mention was made of Australia but it's heavily rumoured Netflix will launch here sometime in 2014.

The Guardian also reported that in the Netflix annual report, published this week, figures show Netflix had spent US$7.3bn in "streaming content obligations" at the end of 2013, which "are incurred when the company signs a licence agreement for programming", up 30% from the $5.6bn owed at the end of 2012.

The company said it has to pay $2.97bn of that by the end of 2014, with a total of $6.2bn due within three years.

As we reported back in 2012 Web streaming is "now mainstream" in Australia with an increasing number of Aussies turning to services like ABC's iView and Channel Ten's TENPlay to catch up on content, but a high number are also streaming Netfix via bypass services like Unblock-US.

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David Swan

David Swan is a tech journalist from Melbourne and is iTWire's Associate Editor. Having started off as a games reviewer at the age of 14, he now has a degree in Journalism from RMIT (with Honours) and owns basically every gadget under the sun.

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