With the competition between new and existing streaming services heating up, Netflix is working hard to stay in the game. To do that, the company is working to raise another $2 billion to invest in additional content.
Netflix will use that money to build its library by acquiring existing shows and movies, along with creating more original content. We last heard about Netflix’s efforts to raise funds in October 2018, with that money also going to producing and acquiring new content.
As with the last round of fundraising, Netflix reps said this $2 billion will be used “for general corporate purposes, which may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions.”
Variety has reported that this round of funding will bring the total debt of Netflix $12.3 billion. It’s expected that the streaming service’s content budget will reach $15 billion this year.
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