Netflix subscriber growth slow, reveals US$17bil in content spending in 2021

The US$21bil spending is a notable uptick from the streamer's 2020 spend of $11.8 billion, as the pandemic prompted production delays across the industry, and a 2019 content spend of $13.9 billion.

Netflix Inc said slower production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter, sending shares of the world's largest streaming service down 11% on Tuesday.

Roughly 3.98 million people signed up for Netflix from January through March, below the 6.25 million average projection of analysts surveyed by Refinitiv.