For its users to Netflix and Chill, the company is planning to spend USD8 billion on new content, specifically its programming. The money will be spent programming in 2018, marking about a third more in spending from 2017.
The company added that to attract customers from Europe, Africa and Asia, Netflix will also produce a growing number of shows for foreign viewers, including a number of anime projects and Scandinavian thriller shows. The company is also looking into acquiring publishers, producers and new writers before they are poached by rivals.
Confirming the development, Netflix said the company will be used to produce new original movies, ramping up audiences worldwide, teen dramas, acquiring intellectual property and merchandise.
Netflix’s Chief Content Officer Ted Sarandos, said that the company plans to release a total of 80 original movies next year, outstripping Hollywood’s three largest movie studios — Disney, Warner Bros. and Universal Pictures — combined.
Bloomberg reported that the original movies will mostly comprise of low-budget films with a few departures into higher-budget fare, like the Will Smith vehicle Bright.
Fun facts
- Netflix is an American entertainment company founded by Reed Hastings and Marc Randolph on August 29, 1997, in Scotts Valley, California.
- Netflix specializes in and provides streaming media and video-on-demand online and DVD by mail
- The company’s revenue for 2016 was USD8.83 billion, making Netflix the world’s 10th-largest internet company by revenue
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