Over the past decade, Netflix has allocated $135 billion to content production and licensing, building a library that spans Hollywood blockbusters and region-specific originals in more than 190 countries. In the last year alone, the streamer released over 80 local-language titles in markets such as India, South Korea and Brazil, fueling its subscriber base past 260 million paid memberships. While the aggressive outlay has driven international growth, it has also weighed on cash flow, prompting Netflix to supplement operating cash with periodic debt offerings to finance future content commitments.