At the end of 2019, Netflix had $24.5 billion of content assets on its balance sheet, up from $20.1 billion the year before.

Of this, licensed content accounted for $14.7 billion in 2019 and $14.08 billion in 2018.
Via #investopedia
Revenue + debt issued

Netflix tries a different model for TV shows, paying more up front but keeping more later on big hits, insiders say

To lure television shows to its platform, Netflix is offering production companies lucrative contracts to buy their shows, then keeping more of the upside if a show takes off. This is making it hard for traditional TV networks to keep pace, while boosting Netflix's revenues long term.