Netflix, Inc. (NFLX) Breaking The Bank On Original Content

Netflix exec says 85 percent of new spending will go towards original content		
		
	Anthony Ha

       @	   
   	8 hours

Netflix exec says 85 percent of new spending will go towards original content Anthony Ha @ 8 hours

Despite films produced by the company being banned from the Cannes film festival, Netflix continues to grow: it added 7 million new subscribers in the first quarter of 2018, bringing its total global subscribers to 125 million.

Netflix is expanding its original content and planning to flood its streaming service with new original films in an effort to compete with Hollywood studios.

And with all the spending it's doing on original content, in particular, Netflix may soon get a chance to see how many subscribers stay on if it does raise those subscription prices again.

The company also said that there are still almost 470 shows to be released this year alone.

Additionally, Netflix indicated that it still plans on releasing more big-budget films like Bright, featuring Will Smith. And according to Netflix's Chief Content Officer, Ted Sarandos, the amount of new spending Netflix is putting toward original content should leave no question about where the company's priorities lie. They claim to be averaging 9 million viewers per film. Eight or more of the movies will be in Spanish.

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Netflix may have started out as an online video streaming service that made it very easy for you to stream TV shows and movies from other networks and studios but it has since grown into a veritable original content powerhouse.

Netflix plans on producing and purchasing movies from several genres, including teen dramas sci-fi adventure and horror.

"I don't yet have clarity on how they are going to make a splash with 80-plus films", said one agent who asked to remain anonymous because of ongoing business with Netflix.

Speaking at a media summit earlier this week in New York, Sarandos revealed that the company will spend up to $8bn this year, with as much as 85% of its new spending attributed to original content, as reported by Variety. The company's most ambitious movie gamble to date is "The Irishman", the coming De Niro and Pacino film directed by Martin Scorsese.

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