Netflix Has a Message for Hollywood: We’re Still Spending Money
variety.comNetflix has a message for Hollywood: We’re not broke.In the wake of a massive stock slide triggered by a subscriber dip during the first quarter, Netflix co-CEO Ted Sarandos, head of global film Scott Stuber and head of global television Bela Bajaria have launched a charm offensive, stressing to top creators and agents that they will continue to spend aggressively to make and market movies and shows.
In calls and in-person meetings, sources say they have positioned the April stock drop as a setback, reassured filmmakers and showrunners that they remain well-capitalized and informed them that they don’t believe the answer to their current predicament is to stop competing for buzzy content.
Also mentioned: that their content budgets are locked for 2022 and 2023 (Netflix spent $17 billion on content in 2021 and expects to shell out the same this year).
A source familiar with the company says that agency and creator check-ins are routine. The source also stresses that Netflix continues to have over 200 million paying subscribers, giving it financial heft.Netflix has made two recent moves that signaled a willingness to still spend big.
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