Why not? BBC has an operating budget of about 6 billion dollars a year. It has over 20,000 employees - it's enormous and that money isn't borrowed, it's simply

Why not? BBC has an operating budget of about 6 billion dollars a year. It has over 20,000 employees - it's enormous and that money isn't borrowed, it's simply given to them by legal fiat. The BBC is thus in a stronger financial position than Netflix, which ultimately must yield RoI and has been around far less time, so has had less cumulative spend on content. Whilst Netflix has a larger content budget for now, it's only approx 2x the BBC's spend. In reality the BBC is outcompeted because it's not a global operation, because it spends a lot of money on non-internet streaming things like radio and news, because its not really exposed to competitive pressure except in the most indirect ways, and because they'd rather sell shows to foreign firms than keep the rights, buy more rights and stream internationally.