The company has used its original programming as a way to attract users to its platform, which has grown by 120 million subscribers worldwide since its first Globes victory in 2014.
Netflix initially bet aggressively on television originals, as evidenced by its previous wins for The Crown in 2017. Since then, it has been heavily focused on movies, which are estimated to represent roughly one-third of total viewing on Netflix.
The company enjoyed its first wins in the film category at last year’s Golden Globes, with the Mexican film Roma.
According to Bloomberg Intelligence, Netflix released 55 original movies in 2019, roughly three times the output seen from traditional Hollywood studios.
All told, Netflix spent about US$1.5 billion on original films last year, representing 10 per cent of its cash budget. The budget for Martin Scorsese’s The Irishman was estimated to be US$200 million, while Noah Baumbach’s Marriage Story was made for approximately $18 million.
Stars from those films were highly visible at the Golden Globes Sunday, along with other top talent such as Eddie Murphy, who stars in Dolemite Is My Name. Cameras during the broadcast often panned to Netflix’s Chief Content Officer Ted Sarandos, as well as Apple Inc. CEO Tim Cook, who attended as part of his company’s big push into original content.
And beyond attending awards shows, there’s no slowdown in sight when it comes to the amount streaming services will be spending on original content in 2020. Netflix’s budget is expected to reach nearly US$19 billion this year, compared to US$8.5 billion for Amazon Studios, US$6 billion for Apple TV+ and US$2.5 billion for Disney Plus.
© BNN Bloomberg