Global streaming giant Netflix plans to increase content spends to $17 billion in 2024 from a lower-than-planned content spend of $13 billion in 2023 due to the double strikes by Hollywood screenwriters and actors which started in May 2023.
“As a result (of the double strikes which halted new content creation), we expect 2023 cash content spend of around $13B and, assuming the SAG-AFTRA strike is resolved in the near future,
we are currently expecting cash content spend of up to ~$17B in 2024,” Netflix said in its
letter to shareholders along with the Q3 result announcement.