The year 2023 was not a great year for the business of entertainment. The SAG-AFTRA strikes brought most of the industry to a halt for a long time. Even in the time of such turmoil, there’s one company that increased its spending in the entertainment business. Amazon increased its content spending by nearly 14 percent in the year 2023.
Amazon spent $2 billion more on content in 2023 than in 2022. The figures rose from $16.6 billion in 2022 to $18.9 billion in 2023. This includes the amount of money spent on TV shows, movies and music content.
The expenditure covers licensing and production cost of content available on Amazon Prime and content that is sold or rented. The CEO of Amazon believes that Amazon Prime can turn into a sizable and profitable business on its own in the long run.
Amazon signed an expensive deal with the NFL for Thursday night football which is going to cost $1 billion every year. Amazon has also introduced ads in its subscription which can help the streaming platform raise nearly $2 billion in 2024.
