Popular streaming service, Netflix, is reportedly swimming in a debt of about $20 billion according to the Los Angeles Times. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The streaming service that offers users a variety of feature films, TV episodes and original shows, is reportedly knee deep in $20.54 billion of debt. Though the company has made it their mission to provide unique programming, it seems that that could be the root of their financial problems. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Reports say that the company’s stock is up by 50 percent for the year, however, many experts are concerned that the debt will increase. It also seems that even though Netflix has accumulated 104 million subscribers worldwide, their spending is still putting them in a financial hole. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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“The company is pouring money into expensive prestige projects and expects to spend at least $6 billion in content this year,” according to the LA Times’ report. It’s no secret that Netflix has done some excessive spending over the years. It was even suggested that one of their original series, ‘The Get Down’, couldn’t survive due to the high production costs. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Despite its financial setback, the company has no intention on slowing down. As of now it remains unclear how this outstanding debt will affect the service in the long run. For now, it looks like ‘Netflix and Chill’ is still a thing.
