Netflix clearly doesn’t want the coronavirus (COVID-19) pandemic to get between you and your stories: The streaming giant plans to raise around $1 billion in debt to fund new content, Reuters reports.
The Los Gatos-based streaming monster reportedly said it would use the money to finance original content and make acquisitions where necessary. The outlet noted Netflix currently owes around $15 billion.
With almost everyone stuck at home thanks to the COVID-19 pandemic, Netflix was widely expected to do well in the first quarter of 2020 — but it did even better than anticipated.
Before the current crisis, Netflix had forecast 7 million net new paid subscribers for its just-released earnings. With the dramatically changed landscape, growth was obviously going to beat the forecast, but Q1 came in at more than double expectations, with 15.77 million paid net additions. That brings Netflix’s total paid subscriber count to 182.86 million.