As reported by BloombergAccording to Netflix estimates, more than 425,000 professionals – from writers and directors to technical staff – were involved in the creation of content during this period. The projects also involved hundreds of thousands of actors and a large number of contractors, including catering companies, transportation services and historical consultants.
The “economic impact” of streaming
The company emphasizes that its production ecosystem extends well beyond the movie set and has a multiplier effect on local economies around the world.
Netflix claims that investment in content drives economic activity outside of the movie industry. As an example, the company cites data on South Korea: after the premiere of the movie “K-Pop Demon Huntresses,” the number of airline ticket bookings to the country increased by 25%, and language learning service Duolingo recorded a 22% increase in users learning Korean.
Such effects, the industry said, are becoming increasingly common in global streaming, where content directly influences tourism, education and consumer behavior.
Netflix turned down a takeover by Warner Bros.
Amid increased competition in the media industry, Netflix has recently sought to bolster its image as a key investor in original content. The reason for the additional attention to the company’s strategy was the harsh criticism from a segment of the Hollywood community following the attempted takeover of Warner Bros. Discovery Inc.
Netflix withdrew from the fight for the asset in February, and Warner Bros. Discovery is now in the process of merging with Paramount Skydance Corp. which could significantly change the structure of the global media market.
Note that founded as a pioneer of streaming television, Netflix today remains one of the largest producers of original content in the world. As production costs rise and competition from traditional studios intensifies, the company is more actively emphasizing the economic importance of its investments.
