America’s premier media streaming service Netflix has announced that it is planning to borrow additional $ 2 billion in funding for original shows and content financing. Netflix said that its goal is to use this amount to “normal corporate objectives, including acquisition of content, production and development, capital expenditure, investment, working capital, potential acquisitions and strategic deals.”
This is the second time, when California-based headquartered streaming company will borrow money from the market. After this, the company’s long-term debt will be more than $ 30 billion.
Netflix is investing heavily in its content for consumers to rival their rivals against Apple and Amazon. The company spent a total of $ 1.7 billion in cash in the last quarter and its intention is to spend a total of $ 3 billion in cash this year. Netflix has more than 13 million users in 190 countries. The company is expected to get a total of 95 lakh new customers by the end of this year.