23 Oct 2017 11:37 AM +00:00 UTC

Netflix Plans To Raise $1.6 Billion More Debt For The Production Of Original Content

Netflix might have a lot of debt on its hands, but it seems like the company isn't the least bit afraid of going in the red, because the streaming service platform plans to spend around $8 billion to expand their original content budget for 2018.

According to a report by Variety, Netflix just announced today its plans to shell out another $1.6 billion in new debt so that it could add to next year's budget for original content creation. Last week the company reported it's the results of the third quarter of this year, and during its presentation, Netflix went on to say that it would go on and spend between $7 billion and $8 billion on its content for 2018.

That's more or less a billion more than the company's previous budget of $7 billion for original content. But Netflix is taking the risk because the company is going to expand its content creation, expecting to roll out around 80 movies next year, which is a lot more than the 50 original films produced in 2017.

This new report sounds a bit alarming. After reporting that it had $4.89 billion in debt during its third quarter presentation, one would expect the company to lay low and hold back on company costs. We wonder how long the company will last operating on this method.

Read: Netflix To Produce $25-Million Budget Female-Centric Action Film 'Kate'