Content spending of selected media and streaming companies worldwide in 2024 and 2026
The world's largest media and entertainment companies collectively invested a record $210 billion in content in 2024, a 4% increase from 2023 and a 48% increase from 2020, according to KPMG's November 2025 "Money in Motion" report (Variety).
The industry has grown at a 10% compound annual growth rate since 2020, driven by the streaming wars forcing companies to simultaneously fund traditional linear TV operations and new streaming platforms. In 2024, traditional media giants led the ranking: Comcast ($37B), YouTube ($32B), and Disney ($28B) occupied the top three positions, all significantly ahead of pure-play streamers.
The DTC profitability context for this spending is in our DTC segment revenue, expenses and profit analysis.
Of the $210 billion total, approximately $40 billion was directed specifically at streaming platforms (Disney+, Peacock, Max, Paramount+ etc.), meaning approximately 81% of content investment still flows to traditional linear TV, theatrical, and sports.
This ratio is shifting rapidly: Ampere Analysis forecasts streaming-only content spending reaching $101 billion in 2026, implying the streaming share of total content investment will exceed 40% for the first time.
The split between traditional and streaming investment explains why Comcast ($37B total) and Disney ($28B total) rank above Netflix ($17B) despite Netflix being the world's leading pure-play streaming service. The subscriber base context for these investments is in our SVOD subscribers worldwide analysis.
Content Spending Ranking — Full Data Table 2024 and 2026 Estimates
The table below shows confirmed 2024 content spending and 2026 estimates for major media companies. 2024 figures from KPMG (Variety, November 2025). 2026 estimates from company guidance and MoffettNathanson. Click to sort. The ad-supported streaming context for this investment is in our ad-supported VOD analysis.
| Company | 2024 Spend ($B) | 2025 Spend ($B) | 2026E Spend ($B) | 2024-2026 Change | Platforms Covered |
|---|---|---|---|---|---|
| Comcast / NBCUniversal | $37B | ~$37-38B | ~$39B | ~+5% | NBC, MSNBC, Bravo, Peacock, Universal films |
| YouTube / Google | $32B | ~$33B | ~$34B | ~+6% | YouTube creator payments, YouTube Originals |
| Disney | $28B | $23B (DTC) | $24B (DTC) | -14% (DTC) | Disney+, Hulu, ESPN+, ABC, theatricals, NBA |
| Amazon | $20B | ~$21B | ~$22B | ~+10% | Prime Video, MGM Studios, NFL TNF, Champions League |
| Warner Bros. Discovery | $15B | ~$19.5B | ~$19B | ~+27% | Max, HBO, Discovery+, Warner Bros. films |
| Netflix | $17B | $18B | ~$20B | +18% | Netflix globally — streaming only |
| Paramount Global | ~$14.5B | $15.2B | ~$16.7B | ~+15% | Paramount+, Pluto TV, CBS, Showtime, Paramount films |
| Apple | $7.3B | $7.5B | ~$8B | ~+10% | Apple TV+ originals, Apple Films — no linear TV |
Comcast — $37B Content Leader in 2024, Sports Rights and Peacock Drive Spend
Comcast/NBCUniversal's $37 billion in content spending in 2024 makes it the world's largest single content investor, a position it held again after leading in 2023. KPMG noted that Comcast's spend was flat with 2023, reflecting the stabilisation of its streaming investment in Peacock after the platform's launch-phase content ramp.
Comcast's content budget spans an extraordinary range: NBC broadcast and cable networks (MSNBC, USA Network, Bravo, E!, Oxygen), Peacock streaming (which reached 44 million subscribers at end of 2025), Universal Pictures theatrical releases, and a significant portfolio of sports rights including the NFL Super Bowl, Premier League, Paris Olympics, and NASCAR.
Sports rights are the single largest component of Comcast's content budget, the company bid aggressively for live sports to differentiate Peacock and NBC in an increasingly fragmented market. The Peacock profitability context for this spend is in our DTC segment financials analysis.
Disney — $28B Total (2024), $24B DTC Spend (FY2026), NBA Deal Drives Increase
Disney's content spending tells two different stories depending on the metric. In 2024, Disney's total content investment was approximately $28 billion (KPMG, Variety November 2025), covering Disney+, Hulu, ESPN+, ABC, cable networks, and theatrical releases.
For Disney's DTC segment specifically, as reported in the SEC 10-K, content and programming costs were approximately $18.3 billion in FY2025 (part of the $23.287 billion total operating costs within the $24.614 billion DTC revenue segment). Looking ahead to FY2026, Disney plans to spend approximately $24 billion across its DTC operations, an increase of $1 billion from FY2025.
CEO Bob Iger revealed this plan on November 13, 2025. The key driver of the increase is the NBA's new $76 billion national TV deal, which began in the 2024-2025 basketball season and significantly increases ESPN's rights costs. The Disney DTC financial context is in our Disney Plus statistics analysis.
Netflix — $17B (2024) → $18B (2025) → ~$20B (2026) — "Not Anywhere Near a Ceiling"
Netflix's content spending trajectory is on a steep upward curve after a pandemic-era plateau.
The company spent approximately $17 billion on content in 2024 (KPMG), grew to a confirmed $18 billion in 2025, Netflix CFO Spencer Neumann said "roughly $18 billion" at an investor conference, corroborated by eMarketer in January 2026, and is targeting approximately $20 billion in 2026, a further 10% increase.
Netflix CFO Neumann declared at a 2025 investor conference: "We're not anywhere near a ceiling." The 2026 increase covers expanded studio licensing deals with Sony, Universal, and Paramount, a growing live events portfolio (NFL Christmas games, WWE Raw), and new content formats including video podcasts.
For context on how Netflix's content spend flows through its financial statements, see our Netflix content spending analysis and Netflix cost of revenues analysis.
Netflix's content spending efficiency, revenue generated per dollar spent on content, has improved dramatically. In 2024, Netflix generated approximately $39 billion in revenue from $17 billion in content spending, a 2.3x revenue-to-content ratio. By 2026, Netflix is expected to generate approximately $51 billion in revenue from $20 billion in content spending, a 2.55x ratio.
This improving efficiency reflects Netflix's global subscriber base (325M+) spreading content costs across more paying members, and the growing contribution of advertising revenue that adds incremental income with no additional content cost. The Netflix net income context for this efficiency is in our Netflix net income analysis.
Amazon $20B, WBD ~$19.5B, Paramount $15.2B, Apple $7.5B — The Rest of the Field
Amazon spent approximately $20 billion on content in 2024 (KPMG), covering Prime Video, MGM Studios, NFL Thursday Night Football (approximately $1 billion per year alone), and UEFA Champions League rights.
CEO Andy Jassy has stated that live sports is the primary content investment priority, and Amazon is projected to be the world's largest streaming spender on sports rights in 2026 at $3.8 billion in sports alone. Warner Bros.
Discovery (WBD) planned to spend approximately $19.5 billion on content in 2025 (MoffettNathanson, IndieWire February 2025), essentially flat with 2024 but reallocating away from NBA (which it lost to ESPN and Amazon) toward Max streaming originals and international content. The streaming revenue generated from this spend is in our internet companies market analysis.
Paramount Global spent approximately $15.2 billion on content in 2025, down 7% from $16.4 billion in 2024 (MoffettNathanson). However, under new CEO David Ellison (post-Skydance merger), Paramount has committed to increasing content spend by approximately $1.5 billion in 2026, the largest public content investment commitment of any company relative to its existing budget.
Ellison told analysts: "We need to increase our investments, obviously, in content." Apple spent approximately $7.3 billion in 2024 and $7.5 billion in 2025, targeting approximately $8 billion in 2026. Apple's content strategy prioritises quality over quantity, prestige films (CODA, Argylle) and critically acclaimed series (Severance, Silo, The Morning Show).
Apple TV+ remains the only major streaming service without an ad-supported tier or a public subscriber count. The broader streaming context is in our streaming and social media statistics analysis.
Streaming-Only Content Spend — $40B in 2024, Targeting $101B by 2026
The distinction between total content spending and streaming-specific content spending is critical for understanding the competitive dynamics of the industry. Netflix's entire $17-20 billion content budget is directed at streaming, every dollar serves its 325 million+ global subscribers.
Comcast's $37 billion, by contrast, is spread across Peacock (approximately $3-4 billion streaming-specific) and $33+ billion in broadcast, cable, and sports. Disney's $28 billion total in 2024 includes the approximately $18 billion in DTC-specific programming costs (Disney+, Hulu, ESPN+) plus theatrical and linear TV.
Ampere Analysis noted that of the top 6 companies' $126 billion combined spend in 2024, only approximately $40 billion went to subscription streaming services. By 2026, Ampere projects streaming-only spend will reach $101 billion, reflecting both the continued shift of investment from linear to streaming and the growth of sports rights on streaming platforms.
The Netflix revenue context for this streaming investment is in our Netflix revenue by region analysis.
2026 — Content Budgets Turn Up Again, Sports Rights Drive Premium Spend
After two years of budget discipline in 2023-2024, driven by the Hollywood strikes, post-pandemic subscriber growth slowdown, and a focus on profitability over subscriber acquisition, 2026 marks a clear return to content investment growth. Three major public commitments signal this shift.
Netflix targets a $2 billion increase in content spend from $18 billion in 2025 to approximately $20 billion in 2026 (+11%), with CFO Neumann declaring there is "no ceiling." Disney raised its FY2026 DTC content budget by $1 billion to $24 billion, primarily to fund NBA rights as part of ESPN's massive new deal.
Paramount under CEO Ellison committed to a $1.5 billion increase, the most aggressive proportional increase of any major company.
The primary drivers of this renewed investment are live sports rights (NBA, NFL, Premier League, Champions League all commanding record fees in 2025-2026), international production (Netflix now sources 52% of its spend from non-U.S. content), and streaming platform differentiation as the password-crackdown era of easy subscriber growth ends and quality content becomes the key competitive differentiator.
Media and Streaming Content Spending — Key Statistics 2024-2026
Frequently Asked Questions — Content Spending 2024-2026
Comcast/NBCUniversal at approximately $37 billion in 2024, confirmed by KPMG (Variety, November 2025). YouTube/Google second at $32B, Disney third at $28B. Among pure-play streamers: Netflix leads at $17B. Source: KPMG Money in Motion 2025 via Variety November 13, 2025.
2025: approximately $18 billion (Netflix CFO confirmed "roughly $18 billion"). 2026: approximately $20 billion (+10% from 2025, Netflix Q4 2025 guidance January 2026). Netflix CFO: "We're not anywhere near a ceiling." Covers global streaming content only. Source: eMarketer January 2026, Netflix Q4 2025 earnings.
Disney plans approximately $24 billion in DTC content spend in FY2026, +$1B from FY2025, confirmed by CEO Iger on November 13, 2025 (Hollywood Reporter). The increase is driven by NBA rights on ESPN. Covers Disney+, Hulu, ESPN+, and theatrical. Source: Hollywood Reporter November 2025, StreamTVInsider November 2025.
Top 12 companies spent a record $210 billion in 2024 (+4% YoY, +10% CAGR from 2020). Streaming-specifically: approximately $40B of the top 6 companies' $126B in 2024. Global streaming-only content spend is expected to reach $101 billion in 2026 (Ampere Analysis). Source: KPMG November 2025, Ampere Analysis January 2026, Variety.
"Content spending" = total cash paid for content creation and acquisition, including: streaming originals and licensed content, linear TV programming, sports rights, film production, and theatrical releases. It differs from "content amortization" (the P&L accounting expense). Companies with both linear TV and streaming (Disney, Comcast, WBD) have much larger total spend than pure-play streamers (Netflix). Source: KPMG methodology note, Netflix 10-K definition.
Yes, 2026 marks a clear return to content investment growth after 2023-2024 discipline. Netflix +10% (~$20B), Disney +$1B ($24B), Paramount +$1.5B. Ampere Analysis: major streamers each spending 6% more in 2026. Global streaming spend to reach $101B. Primary drivers: live sports rights, international production, and platform differentiation. Source: Hollywood Reporter November 2025, Ampere Analysis January 2026.
Amazon spent approximately $20 billion on content in 2024 (KPMG, Variety November 2025). In 2026, Amazon is the world's largest streaming sports rights spender at $3.8 billion in live sports alone (NFL TNF, Champions League, NBA). Total 2026 Amazon content spend estimated at ~$22B. Source: KPMG November 2025, Apprupt Amazon Prime Statistics 2026.
The apparent decline from $28B (2024 KPMG total company figure) to $23B (2025 DTC-specific figure from Disney SEC 10-K) reflects a different scope of measurement, not an actual cut. The 2024 $28B is KPMG's estimate of Disney's total content spend across all businesses (DTC + linear TV + theatrical). The 2025 $23B is Disney's DTC segment-specific content spend from SEC filings. Disney's total 2025 company-wide spend is actually similar to 2024. Disney plans $24B in DTC content for FY2026, which reflects the NBA deal increase. Source: KPMG November 2025, Disney SEC 10-K FY2025.