You know at this point Netflix should just change their company tagline to "Netflix: We're Not Fu&#ing Around Anymore."
When the erstwhile company launched on April 14, 1998 as the world's first online DVD rental store, the landscape was very different. The company at that time had only thirty employees and their DVD catalog consisted of just 925 titles, almost the entirety of DVDs in print at the time. Digital copies of films were still several years away and the concept of streaming services unheard of. Blockbuster Video was still king at the time and actually offered to buy the company in 2000 for $50 million. Netflix passed. Fast forward two decades and Netflix is the king of streaming services, rife with original programming, Oscar wins, and approximately 150,000,000 paid subscribers. Meanwhile Blockbuster is a lone novelty story in Bend, Oregon. As Michael Keaton's Batman says in BATMAN RETURNS, "Things change."
The Streaming Wars are in full assault with Amazon Prime Video, Hulu, CBS All Access, and most recently Disney+ entering the fray. However, original gangsta Netflix plans on staying atop the mountain. After spending a mind boggling $15.3 billion on content in 2019, Netflix is poised to increase that amount by $2 billion this year. According to Wall Street firm BMO Capital Markets, the streamer will invest an estimated $17.3 billion on content – both original and non – in 2020. In addition, that number is expected to increase by almost $10 billion in the next eight years. It's hard to fathom that Netflix's annual content expenditure will rival the GDP of some third world countries.
The good news for Netflix fans is that the majority of that $17.3 billion is expected to be spent on original content. Netflix has a multi-year deal with Nickelodeon for animated features and a pact with South Korean conglomerate Studio Dragon. Oh and they also recently signed David Benioff and D.B. Weiss to a massive TV and film content development deal. You may have heard of those guys. They were showrunners for the modest hit Game of Thrones.
It is astonishing to believe that Netflix, which began as a Mom and Pop online DVD business, evolved into an entertainment titan that just landed the most Oscar nominations (24) of any other Hollywood studio. The rise and subsequent dominance of Netflix in the field of entertainment is worthy of its own film or series. Sounds like the kind of story that would be perfect for – well – Netflix.
Netflix won't have to wait too much longer to feast on new content either. The Sundance Film Festival kicks off in Park City, Utah next Thursday. Along with other studios, Netflix is expected to open their diamond encrusted Gucci wallet and dole out some serious cash for worthy films. JoBlo will also be there to partake in the festival. Our site's own film critic Chris Bumbray and Editor-In-Chief Paul Shirey will be bringing you all the festival coverage you can handle so stay tuned!