Netflix is nearly doubling its content budget for 2021.

According to Variety, the streamer plans to spend $17 billion on content for the upcoming year. That is a large increase from its 2020 budget ($11.8 billion), which was lower than expected due to the COVID-19 pandemic, and its 2019 spending ($13.9 billion).

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"As we've noted previously, the production delays from Covid-19 in 2020 will lead to a 2021 slate that is more heavily second half weighted with a large number of returning franchises," said the company in a letter to shareholders. "And while the roll out of vaccines is very uneven across the world, we are back up and producing safely in every major market, with the exception of Brazil and India. Assuming this continues, we'll spend over $17 billion in cash on content this year and we'll continue to deliver an amazing range of titles for our members with more originals this year than last."

Netflix noted the upcoming returns of popular series The Witcher, Sex Education, Money Heist and You as drivers for its 2021 second-half slate. Stranger Things Season 4 was not mentioned on list of programs in the letter.

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The news comes as Netflix continues to adapt to a new age of streaming. Once the leader in a business that included just a few other services, the streamer now must compete with legacy media companies and their own streaming platforms, such as Disney+ (Disney), HBO Max (WarnerMedia), Peacock (NBCUniversal) and Paramount+ (ViacomCBS). Many of these studios plan to remove content from Netflix to build up their own platforms. Just recently, it was revealed that Netflix could lose the rights to stream Illumination Entertainment's films, which include the Despicable Me franchise.

With the pandemic receding, Netflix is also no longer the main source of entertainment, as those who have been stuck inside for a year prepare for a return to normalcy. This could also impact Netflix's subscriber numbers, making it all the more vital for the streamer to provide a constant flow of content to keep churn numbers low.

The increase in spending comes a few weeks after Netflix purchased the exclusive rights to Sony's theatrical releases after signing a multi-year contract with the studio. This will give Netflix access to iconic series like Men in Black, Ghostbusters, Jumanji and Sony's ever-growing universe of Spider-Man films, including Morbius, the sequel to Spider-Man: Into the Spider-Verse and sequels to Spider-Man: No Way Home and Venom: Let There Be Carnage. 

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Source: Variety