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Netflix's 85% Of New Spending Will Be On Original Shows And Movies
18 May 2018, 12:18 | Joann Bryant
Netflix exec says 85 percent of new spending will go towards original content
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 will have around 1,000 "originals" by the end of the year, according to the company's chief content officer Ted Sarandos.
According to the Reuters, Netflix's aggressive strategy is due to complaints that its movie library is "stale". The company told Reuters that the 33 Netflix films released so far this year have been watched more than 300 million times by more than 80 million account holders worldwide. 470 new originals between now and the end of the year does sound a little excessive, but when the margins are so much greater than on licensed content, not every single programme needs to be a hit. Netflix already revealed that it would spend $8 billion this year for overall content.
Usually SVOD platforms raise their subscription rates seldom but a recent survey found that Netflix subscribers might be willing to pay even more than they do now. They claim to be averaging 9 million viewers per film. Eight or more will be in Spanish.
The decision to ramp up its original films production is no secret and has been oft mentioned by the Netflix management.
Netflix plans on producing and purchasing movies from several genres, including teen dramas sci-fi adventure and horror.
Speaking at the MoffettNathanson Media & Communications Summit 2018 in NY on Monday, Sarandos said that 85% of new spending will go toward original content in 2018.
Further, Netflix plans on releasing at least 17 Netflix films in languages other than English, which include French, Arabic, Japanese, Hungarian and Russian, such as R-rated French film, Young and attractive.
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