Netflix to Invest $8 Billion for Original Content in 2018
Netflix is taking its streaming game to the next level. According to reports, the giant streaming site is launching at least 700 original movies and TV shows this year as it focuses on expanding its original content library.
Over the years, Netflix has made a huge shift by making its own content rather than just streaming or housing content produced somewhere else. As the company continues to expand its original content library, Netflix CFO David Wells has revealed that the company now looks to produce more than 700 original movies and TV shows this 2018, investing at least $8 billion for original content.
Earlier this week at the Morgan Stanley Technology, Media and Telecom Conference, Wells revealed that of the 700 original content, 80 will come from outside the U.S., such as Netflix's recent hit German series "Dark" and Mexican series "Club de Cuervos." Wells also revealed that since producing original content has helped spark growth in Netflix's subscriber base, the company does not have any plans of slowing down. "Let's continue to add content, it's working. It's driving growth," he said.
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Wells also went on to add that on top of the original series, Netflix also plans to release at least 80 original films this year, and while the company increasingly intends to produce its own content, there is "no religion" at Netflix when it comes to the source of programming. "People don't care where the stories come from. We're about having the best content. We don't necessarily have to do it ourselves," he said.
Last month, Netflix told investors about its plans to boost its marketing spending by more than 50 percent this 2018, making it $2 billion this year from $1.3 billion last year. According to Wells, they believe that marketing is a multiplier on the content spend.
Netflix ended 2017 with at least 117.6 million subscribers.
