Netflix Wants to Raise $2 Billion to Spend Even More on Content
Netflix has been quite forthcoming about the fact that original content has been a big win for them. Back in July, as part of their second quarter results, the network reported that originals such as Dead to Me, When They See Us and Murder Mystery, among others, drew major viewership for the platform. Just last week, the company reported that the trend continued in the third quarter, with Stranger Things, Secret Obsession and Otherhood pulling in millions of viewers as well.
Now, with streaming wars heating up, it seems Netflix is willing to pull out all the stops to stay on top of the game. The company is looking to raise $2 billion in debt in order to buff up their content budget. The revenue will be spent on “content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions,” CNBC reports.
While it may seem extremely risky to add another $2 billion to their $12.43 billion debt, Netflix is merely trying to stay ahead of the competition. Upcoming competitor Apple TV+ was also reported to have increased their content budget in August. The company upped their original $1 billion budget to $6 billion in an effort to create content that will compete with the rest. The first two seasons of their original series The Morning Show alone, have cost the company $300 million.