The debt has mostly come as a result of Netflix producing a lot more original content in recent years.
Netflix is by far the biggest streaming service in the world and they continue to grow at a steady pace, but their increased spending to produce original content has resulted in the company amassing a crazy amount of debt.
Netflix is spending so much on making original content in order to keep up with competitors like Amazon, Hulu and HBO.
If the saying that you have to spend money to make money is correct, then Netflix is doing things right.