TV and movie lovers who have feasted on Netflix Originals like “The Crown,” “Stranger Things,” “Ozark,” and “The Queen’s Gambit” are about to get a lot more attention from the reigning streaming video king.
According to a research report from Bankr, the service will spend about $19.03 billion in 2021 to produce exclusive video content, nearly 10 times what it churned out just five years ago when it first tested the original content waters with “House of Cards.”
Here we come, 2021!
COVID-19 didn’t hamper the company much, if at all. “Since the almost-global shutdown of production back in mid-March, we have already completed principal photography on 50+ productions and, while the course and impact of C-19 remains unpredictable, we’re optimistic we will complete shooting on over 150 other productions by year-end,” the company wrote in its Q3 2020 letter to shareholders.
To demonstrate its aggressive stance, the company said that it expects the number of Netflix originals launched to be up year-over-year in each quarter of 2021. A key target for that content will be an emphasis on Netflix’ burgeoning growth in the Hispanic and Asian markets.
While the company said that it strives “to be a global entertainment service that can satisfy the needs of members all over the world,” it’s not leaving the English-speaking world empty-handed. Season 3 of Cobra Kai will debut on January 8, 2021. There’s also season four of ‘Stranger Things,’ the action film ‘Red Notice’ (starring Dwayne Johnson, Gal Gadot, and Ryan Reynolds), and season two of ‘The Witcher’ for fans to look forward to.
Go big or go home
If it walks like a duck and talks like a duck, then Netflix is no different than a traditional TV network like NBC, CBS, or ABC when it comes to competing for eyeballs. In addition to its 195 million user base, Netflix subscribers are rather smitten with the service, with 59 percent of young users rating it as their most indispensable TV network.
To push that number higher, the company has to go big or go home -- and it’s going big in 2021.
In reality, Netflix has little choice. In the last year, consumers have been wooed by the debut of Comcast’s Peacock and Disney+. Disney, in particular, has shown just how serious it is about being a big time player in the streaming game by adding in features like co-watching, bundles, and partnerships with the likes of Verizon, which gives the wireless network’s customers a chance to score a free year of Disney+.
“Overall, Netflix needs a lot of video content to remain competitive. However, the shows need to retain subscribers especially those onboarded during the pandemic,” commented Bankr’s Door Justinas Baltrusaitis. “If the subscriber growth slows down, Netflix might need to look for other ways to attract more users.”