25 NOV 2020

NETFLIX DOUBLES UK PRODUCTION BUDGET TO $1 BILLION

The streaming giant increased its UK-based budget by 50%. increasing budget resulted from original series “The Crown,” “Sex Education,” and “Global Success.”

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Netflix announced plans to increase its spending on filming original films and shows in the UK to $1 billion, equivalent to £750 million. The streaming giant has several original shows in the making, including “The Crown” and “The Witcher” in the UK. The streamer also increased its budget by 50% this year on the £500m that it spent on British-made productions in 2019.

The extra investment stemmed after Netflix spent £100m over its originally estimated £400m in 2019. The streamer has increased the UK-based budget by 50%. It has produced more than 50 TV shows and films in the UK in 2020, despite the shutdown caused by coronavirus restrictions. The streamer is estimated to be spending USD 17 billion on making and licensing TV shows and films this year globally, with the British budget second only to the US, with around a third of all its European productions made in the UK.

Netflix is estimated to be spending $17 billion (£12.7 billion) on both production and licensing of other shows and films this year. As expected, the large budget set aside for UK projects isn’t as high as its US spending. However, out of all the streamer’s productions across Europe, around a third are made in the UK. More than 50 TV shows and films have been produced in the country this year.

The Netflix U.K. production budget is second only to its U.S. spend and is the largest of all its hubs in Europe. The streamer has invested heavily in studio space to store its productions. Last year, Netflix set up a huge production hub at Shepperton Studios outside London. Of course, given Disney has a similar deal at Pinewood Studios, studio space is at a premium around London, and could lead to a strain on facilities. Meanwhile, Netflix shows continue to remain in the public eye. The fourth season of “The Crown” has received criticism from the lack of family members portrayed in the show.

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