Netflix has announced that it plans to borrow €1bn to invest in its business as it hopes to stay ahead of its competitors.

A note from the company says that these funds will be pumped into acquiring and producing more content to attract new users.

"Netflix intends to use the net proceeds from this offering for general corporate purposes, which may include content acquisitions, capital expenditures, investments, working capital and potential acquisitions and strategic transactions," the firm said in a statement.

The company has already announced plans to invest $6bn in producing its own content during 2017 - that's $1bn more than it invested in 2016 when it produced hits including Stranger Things, The OA, Master of None, Love and The Crown.

It is current projects include 'War Machine,' a satire directed by David Michôd and starring Brad Pitt, arriving globally Friday, May 26 and 'Bright,' an action film directed by Suicide Squad's David Ayer which will star Will Smith.

Netflix results for the first quarter of 2017 showed that its user acquisition is beginning the lag. The company hopes that developing new shows and creating exclusive content will attract more users.

The €1bn will come from issuing senior notes, the company states: "The interest rate, redemption provisions, maturity date and other terms of the Notes will be determined by negotiations between Netflix and the initial purchasers."