Netflix earned more Academy Award nominations than any other media company this year with 24 total. But, according to NBC News, it came at a cost.
Netflix spent millions of dollars on their nominees this year. Here’s a quick breakdown.
Netflix spent $160 million on best picture nominee “The Irishman,” according to Forbes, and $40 million on best animated picture nominee “Klaus,” according to IMDB.
Netflix spent $130 million on two seasons of popular series “The Crown.” The company regularly spends up to $13 million per episode on many of its series, the Observer reports.
This kind of budgeting is only going to see an increase, according to Variety. Netflix will be increasing their original content spending from $15.3 billion in 2019 to $17.3 billion in 2020. It is expected to spend $26 billion by 2028.
The kind of spending has become commonplace to the Netflix business model. Nine out of its 10 most-watched programs from 2019 were Netflix originals like “The Witcher,” “Murder Mystery” and “The Umbrella Academy,” Variety reports, which receive about $13 million per episode.
Netflix is no doubt a streaming giant, but with rivals like Disney Plus seeing $20 million in profit after only two months, in addition to the impending arrival of NBC’s Peacock, it might be time for Netflix to worry a bit more about its reported $13 billion debt.