Netflix to allocate 85 per cent of its funds to original content; announces news series with Guillermo Del Toro
In a bid to have complete control of the streaming market, Netflix has revealed that the bulk of its spending in 2018 will be on its originals. While speaking at the MoffettNathanson’s Media & Communications Summit 2018 Chief content officer Ted Sarandos confirmed the news and also told the press that more than 90 per cent of its consumers regularly watch original content, according to a report by Variety.
In another startling disclosure, the streaming giant also announced that by the the end of this year, there will be 1000 original shows and films for viewers to choose from. Out of 1000, 470 are yet to premiere on the portal.
Netflix also announced the renewal of its space-adventure show Lost in Space and a collaboration with Oscar-winning filmmaker Guillermo del Toro on a horror anthology show. "The creators we’re talking to, they watch Netflix and they want to be on our network. The way we can secure these shows is by having a great reputation with talent, having a brand people want to be associated with, and a good track record of delivering," Sarandos said while also acknowledging the changing dynamic of the market.
The US based company currently faces stiff competition from Hulu, Amazon Prime and will also have to watch out for Disney's own streaming service, reportedly slated to debut next year. Therefore, Netflix is currently focussing on prioritising original content over licenced productions.
Updated Date: May 15, 2018 12:19 PM