One former employee recalled that when they were working on a production set in five countries, someone suggested shooting in only two countries and using alternative locations for the other three to save money. In the past, some in Hollywood say, Netflix executives appeared willing to spend more than was necessary on productions. Sarandos’ message to his content staff suggests the company is being more careful. Netflix has said it expects this cash burn to decline starting next year. Last year, for instance, Netflix had a cash shortfall of $3 billion and has projected that will increase to $3.5 billion this year. But it has also kept the company spending more money than it brings in, requiring it to continue borrowing money. This kind of programming blitz has helped Netflix maintain subscriber growth-it hit 149 million global subscribers in the first quarter, up 25% on a year earlier. (A person with knowledge of the situation also noted that Netflix was prepared to pay several hundred million dollars to keep “The Office.”) It also announced a deal with writer/producer Janet Mock.
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Last week it unveiled plans to make “Prom” directed by Ryan Murphy, the big-name TV producer it struck a high-priced deal with last year. To be sure, Netflix is still spending actively. (A Netflix spokesman declined to comment on the cost of individual movies.)
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In comparison, Disney’s latest Spider-Man movie that came out this month reportedly had a budget of $160 million. Its latest Adam Sandler movie “Murder Mystery,” which filmed in locations like Italy’s Lake Como, is also said to have cost nearly $100 million, according to a former Netflix employee. Netflix reportedly spent more than $150 million to make Martin Scorsese’s upcoming film “The Irishman,” for instance. Netflix still spends less than many traditional companies: Disney spent $13.3 billion on film and TV shows in fiscal 2018 while NBCUniversal spent $16.6 billion on programming and production last year, corporate filings show.Īlong the way, Netflix has also become a producer of major films, making some at budgets that are big even by the standards of a traditional Hollywood studio. Netflix has anticipated the competition by ramping up production of its own shows over the past few years, fueling an explosion in its programming spending to $12 billion last year from $4.6 billion in 2015. Just last week, Comcast’s NBCUniversal revealed it would move “The Office” off Netflix for its own service at the end of next year. But that is changing, as they start to retain their programs for their own services.
The impact of the new competition is increased because companies like Disney, NBCUniversal and WarnerMedia used to be major program suppliers to Netflix. “There’s been no change to our content budgets, nor any big shifts in the sorts of projects we’re investing in, or the way we greenlight them," the spokesperson said. Netflix wasn't cutting spending, the spokesman emphasized. Also waiting in the wings to launch their own services are AT&T’s WarnerMedia, Apple and Comcast’s NBCUniversal.Ī Netflix spokesperson declined to comment on specifics about its internal metrics, but said the company uses viewing relative to cost as one measure of success and is always looking for ways to get better. Priced at $6.99 a month, the service will undercut Netflix, which has gradually raised its prices to between $8.99 and $15.99. Late this year, Disney is scheduled to launch its own streaming service, Disney+, offering an array of iconic Disney-owned movies including “Star Wars,” TV shows such as “The Simpsons” as well as specially made originals. His edict is the clearest sign yet that Netflix is trying to be more disciplined about its spending as it confronts the biggest competitive threat since it launched its streaming service just over a decade ago. Sarandos cited “Triple Frontier”-a Netflix-made action drama starring Ben Affleck-as a film that was too expensive given how many viewers it attracted, according to people familiar with the meeting. But every show should pay for itself, was the message, according to one person familiar with the meeting. That doesn’t mean Netflix won’t make programs appealing to a narrow niche.
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