Netflix is expected to see a 26% increasing in spending to produce or acquire TV and movie content this year, according to S&P Global Market Intelligence’s Kagan.
The company estimates Netflix is on pace to spend $13.6 billion on an “amortized” basis. Previously, Netflix had told analysts it expected to spend $17 billion on content on a "cash basis."
In 2020, Netflix worldwide content spending was $10.8 billion on an amortized basis, and $12.54 billion on a cash basis, Kagan said.
While other major premium streaming competitors are growing, many are still far behind Netflix in content production spending. For example, Walt Disney estimates to be spending $8 billion to $9 billion on content for Disney+ alone by 2024.
The Kagan report projects $5.21 billion of that $13.6 billion will be spent on originals -- around 38%, slightly higher than a year ago, when it was 37.8%.
Research projections estimate that 44% of spend will be in the U.S. and Canada -- down from 61% in 2017. Other territories will have a greater share -- 33% for European territories and 11% for Asia-Pacific.
Kagan estimates by 2024, overall spend on content will grow to $18.92 billion -- with 47% of that going to original content.