Netflix increases 2018 content budget to $13 billion
Netflix, the streaming video on demand (SVOD) market leader, is making massive commitments to the production of original content. Earlier this year, it pledged an $8 billion annual content spend, much of which was earmarked to develop its own shows and movies – and it’s easy to see why.
The company’s success has been built, in part, on blockbuster smash hits like Stranger Things and Orange is the New Black (both original shows). But now, it seems $8 billion isn’t enough, and the streaming titan has announced a new budget for this year’s content: an incredible $13 billion!
Netflix’s share price has rocketed up by 108% so far this year
Source: Yahoo Finance
Around 85% of this new budget will be spent developing new shows, and it makes sense: a recent report shows that more than 90% of Netflix’s customers are repeat-viewers of original content.
Impressively, Netflix’s commitment to content means that it will end up delivering 82 new feature films to its audience. To put that in context, that’s more than any single studio by a long way. Warner Brothers, the studio with the biggest slate of releases for the year, will produce 23. Disney will produce 10.
In regards to television series, the stats are even more incredible. Netflix will add over 700 new shows that are either totally new and original to its platform, or come with an exclusive license.
A lot of this money will end up going to serious draws from the entertainment world. Some of the high profile names that have already signed up include Barack and Michelle Obama, Jerry Seinfeld, and Chris Rock.
Dominion holds Netflix in its Global Trends Ecommerce Fund
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