• by Wayne Friedman , March 10, 2025

Fueling more of its rising growth for the future versus competitors, Netflix has maintained a dominant position when it comes to its spending on content.

Analysis from MoffettNathanson Research and company reports show that a fiscal-year 2024 reading places Netflix at $15.3 billion in content/production spend.

This is almost twice the level of the next-biggest premium streaming services from Walt Disney (including Disney+, Hulu, and ESPN+) at $8.6 billion.

Further down the list is Warner Bros. Discovery (Max and discovery+) at $6.4 billion, with NBCU’s Peacock at $5.2 billion and Paramount Global’s Paramount+ at $4.4 billion.

Due to its large subscriber base, especially international (223 million), Netflix also maintains high profit margins (earnings before interest, taxes, depreciation and amortization) at 28% -- more than triple those of its closest competitors.

This is well above the profit margins of WBD (7%) and Disney (4%).

Paramount+ came in with a net loss of 7% and Peacock had a loss of 36%.

Peacock spends far more on content (Olympics, NFL) per subscriber $142 on average, and substantially higher than the $51 to $62 range of its competitors.

While Netflix is the presumed leader when it comes to overall subscribers for an individual service in the U.S. (79 million), Disney has the most U.S. subscribers when amassing all its services (87 million). This includes Disney+, Hulu, and ESPN+.

WBD is at 57 million, followed by Paramount Global with46 million and NBCUniversal at 36 million.