Netflix is cracking open the vault—again. The company is set to drop a cool $18 billion on content in 2025, an 11% increase from last year, because apparently, $16.2 billion just wasn’t enough. CFO Spencer Neumann made it clear at the Morgan Stanley TMT Conference: Netflix is still in growth mode, and they’re nowhere near hitting their spending ceiling.
“We see the opportunity to grow everywhere,” Neumann said. Translation: If there’s a genre, market, or gimmick that will keep people binging, Netflix is throwing money at it. That includes upcoming megahits like new seasons of Squid Game, Wednesday, and Stranger Things, as well as a growing library of licensed classics like Grey’s Anatomy and NCIS—because nothing says innovation like re-upping on old network TV hits.
But Netflix isn’t just pumping money into scripted content. Live events are increasingly on the menu, from the NFL’s Christmas Day games to WWE’s Raw, which kicked off its exclusive 10-year, $5 billion deal with the streamer in January. Neumann said Netflix is all-in on “big, eventized moments,” a.k.a. stuff people actually watch live.
As for full-season sports rights? That’s still a “never say never” situation. Neumann played it coy, but the company’s willingness to splash $150 million per NFL game last Christmas suggests they’re more than willing to play ball—if the price is right.
And while some outlets have run wild with the idea that Netflix’s Chief Content Officer Bela Bajaria is actively gunning for an NFL Sunday package, let’s pump the brakes. Yes, she expressed interest, but her comments were taken out of context. Our industry peers were quick to report it as fact, but as of now, Netflix isn’t lining up to bid against CBS and Fox. At least, not yet.
Beyond live sports, Netflix is leaning harder into its ad-supported tier, which now makes up 55% of new signups. That’s a big shift for a company that once swore off ads entirely, but with subscriber growth still climbing and advertisers eager to spend, Netflix is playing the long game. The challenge? Turning all that ad-tier momentum into serious revenue without disrupting the binge-first experience that made Netflix a powerhouse in the first place.
At the end of the day, $18 billion is a lot of money to throw around, but Netflix is betting that more content—scripted, licensed, and live—is the key to staying ahead. Will it work?
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