Wrapping up “Stranger Issues” with “eight blockbuster motion pictures” doesn’t come low-cost.
Netflix “spends way more” on direct-to-consumer content material than anybody else, as MoffettNathanson identified in a brand new observe to purchasers — and obtained by IndieWire — however not on content material general. So who does? Nicely, the media analysts are on that too. The reply to our query definitely isn’t Apple, although because the world’s largest company by market cap it positive might outspend everybody else.
Under is a complete record of the main media firms we cowl and also you eat, minus perhaps one or two. Sony Footage, for instance, is tougher to pin down as one department of a giant Japanese nation; Lionsgate goes by way of a bizarre factor with Starz in the intervening time, and it’s much less clear (and fewer studied) than the bigger companies on this record.
With out additional adieu, with 2025 content material budgets in ascending order…
Apple
Apple will spend $7.5 billion on content material in 2025, per MoffettNathanson, up a bit from the $7.3 billion it spent in 2024. The brand new finances is a modest 3 p.c enhance unfold throughout the mix of Apple Movies, Apple TV+ collection, and different content material.
If you happen to assume Apple’s content material finances is peanuts (not these Peanuts that it additionally streams), it form of is. However that is sensible when you think about streaming service Apple TV+ (now on Android!) for Apple is actually “a rounding error,” as MoffettNathanson wrote.
Amazon
Apple and Amazon: collectively without end. The 2 largest firms on the record (and two of the 5 largest on the planet) spend the least on content material. It’s not a lot that they’re low-cost, it’s extra like they’re not particularly within the content material recreation. Like Apple TV+, Prime Video is ok as a loss chief for Amazon. For Apple, it’s iPhone gross sales that enable Apple TV+ to exist; for Amazon, Prime Video is an afterthought to no matter is in your cart proper now.
Per MoffettNathanson, Amazon will spend $9.1 billion on content material in 2025, which might be down a bit (2 p.c) from its $9.3 billion cash-content spend final 12 months. Nonetheless, a supply with information of the finances tells IndieWire the corporate’s content material finances is definitely up a hair (although nearly flat, the individual acknowledged) from final 12 months, which places our rankings in a little bit of a pickle.
Amazon, which homes Amazon Studios, Prime Video, and the studio MGM, will this 12 months spend much less on leisure and extra on sports activities by advantage of its new NBA deal. Kind of the bizarro WBD; extra on that in a bit.
Fox
Fox simply needed to go and lift its finances and throw that aforementioned pickle into our rankings.
Per MoffettNathanson, Fox’s estimated $9.2 billion in content material spend is up double digits (14 p.c, to be exact) from the $8.1 billion it spent in 2024. Right here additionally, the distinction is sports activities, particularly this previous Sunday’s Tremendous Bowl. Fox positive noticed a return on that funding nevertheless. The corporate mentioned it made a report $800 million in advert gross sales throughout Fox and Tubi.
Talking of ROI, these advertisers, a few of which paid as a lot as $9 million for a 30-second slot, bought their cash’s price. The Philadelphia Eagles beatdown of the Kansas Metropolis Chiefs set a brand new Tremendous Bowl report with 127.7 million viewers.
Paramount World
Right here come the massive boys within the house. Paramount World will spend an estimated $15.2 billion on content material in 2025, down 7 p.c from $16.4 billion in 2024. Even with the self-subtraction, Paramount’s general content material finances is a giant leap from Fox, Amazon, and Apple. It’s a testomony to the dimensions and scope of a studio when it could actually put aside $15 billion for movies and TV reveals whereas in cost-cutting mode forward of the corporate’s merger with Skydance — you already know, assuming the Trump administration lets that occur.
Paramount’s CBS, like Fox’s, er, Fox, spends a wholesome portion of its finances on NFL video games. The published networks even have complete primetimes to fill with scripted and unscripted content material. In contrast to Fox, Paramount additionally has main film studio Paramount Footage and a critical (sorry Tubi, you’re cool for what you might be) streaming platform, Paramount+, to load up with originals.
Netflix
You could be stunned to see Netflix land on this mid spot on our record, however when all the things you make is in your streaming platform, money spend of “roughly $18 billion” on content material per current Netflix steering, goes a good distance. (MoffettNathanson estimates $18.6 billion for Netflix’s 2025 finances, up 15 p.c from the identical analysts’ $16.2 billion estimate in 2024, when Netflix mentioned it spent $17 billion in 2024 — so there’s some margin for error right here.)
It’s price mentioning right here that given its enormous subscriber base (302 million world paid subscribers on the finish of 2024), Netflix’s comparatively affordable content material spend per subscriber is on par with Warner Bros. Discovery and Disney, which spend way more (as you’re about to see).
“As a result of it has extra content material, it drives higher engagement, resulting in extra subscribers and presumably higher pricing energy in a virtuous cycle that has performed out fairly nicely for the corporate so far,” Robert Fishman of MoffettNathanson wrote. “That is the enduring energy of Netflix’s first-mover benefit.”
This 12 months, WWE’s “Monday Night time Uncooked” hit Netflix’s books, in order that’s one added expense. Plus, think about the “Squid Sport”-stairs finances alone. The ultimate season of that and its different largest collection “Stranger Issues” each arrive this 12 months.
Warner Bros. Discovery
There’s a vibrant aspect to Warner Bros. Discovery shedding the NBA to these pesky Amazon clean checks, type of. WBD now has a complete lot of cash to spend on non-sports, if it chooses to take action. MoffettNathanson estimated WBD plans to spend the identical $19.5 billion on content material in 2025 that it did in 2024, simply in a special method.
To notice, it isn’t simply the annual NBA finances that may (and appears like it would) be re-allocated this 12 months. WBD extensively carries the Olympics internationally, and 2025 is an off-year for the video games.
Disney
Disney has a complete bunch of platforms to populate with reveals, motion pictures, and sports activities, together with Disney+, Hulu, and ESPN+, in addition to ABC, its cable channels, and its theatrical arm. Like WBD, Disney is working again its 2024 money content material finances of $23 billion, per current filings. (MoffettNathanson has Disney’s finances flat at $23.4 billion, to be extra particular.)
That’s a couple of billion {dollars} lower than Disney executives anticipated to spend in 2025 just some months in the past. The unceremonious deletion of Venu, a sports-centric streaming service that Disney had partnered on with Fox and Warner Bros. Discovery, doubtless freed up a couple of dollars for every firm within the canceled three way partnership.
NBCU (together with Sky)
We’ve arrived on the media firm with the deepest pockets — or moderately, the media firm prepared to dig the deepest into its pockets for the sake of video leisure.
Concurrently it boots a bunch of cable channels and digital belongings to SpinCo., NBCUniversal is anticipated to spend $27.1 billion on content material in 2025, per MoffettNathanson, down from $27.5 billion in 2024.
Even (quickly to be) with out MSNBC, CNBC, USA Community, Oxygen, E!, Syfy, and Golf Channel — and holdings like Fandango, Rotten Tomatoes, GolfNow, and Sports activities Engine — NBCU is a large media firm. There’s the NBC broadcast community, Common Footage, DreamWorks, Illumination, Focus Options, Peacock— it’s not simply 2025 movies “Jurassic World Rebirth” and “Depraved: For Good” working up the receipts.