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Netflix reveals £400m UK production spend

First time the company has announced its production budget

Netflix has revealed it will be spending $500 million (£400 million) on British productions this year, making more than 50 TV shows and films in the UK.

This gives the UK the second-biggest production budget after the US according to Netflix’s chief executive Reed Hastings, marking the first time the company has announced its UK production spend.

Netflix expects to spend $15 billion on global production this year, as it prepares to compete with the launch of Disney Plus and Apple TV+.

The company’s European production exceeds $1 billion this year (a 50 per cent increase on 2018), with 221 projects including 153 originals.

Its UK productions include the Will Ferrell and Rachel McAdams film Eurovision, and Dracula, the new series from Mark Gatiss and Steven Moffat.