Netflix plans to spend $3 billion on content this year

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Karim Kanji:

Such a fan of Netflix. Looking forward to more original programming.

Originally posted on Gigaom:

Good news for Netflix (s NFLX) subscribers looking to burn through more movies and TV shows: The company declared in its 2013 Annual Report this week that it intends to spend close to $3 billion on content in 2014. In it, Netflix also projected that it will spend around $6.2 billion on content over the next 36 months. The company intends to finance some of these expenditures through a $400 million debt raise it officially announced Tuesday.

The new debt offering, which comes in the form of convertible notes due to be paid back by 2024, will also be used to finance a major expansion into continental Europe that Netflix has been planning for some time. Netflix hasn’t officially said where it wants to open shop on the continent, but all signs point to France and Germany as likely targets.

Netflix also plans to spend heavily on advertising in…

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