Netflix's next act: Doubling down on its own movies

Netflix's next act: Doubling down on its own movies

Netflix's next act: Doubling down on its own movies

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.

It expects to spend a whopping $8 billion on content this year but Sarandos stopped short of breaking up how much of that $8 billion will be used for licensing costs vs spending on original content.

According to a report from Variety, Netflix will have 1,000 original shows and movies, total, available on the streaming service by the end of 2018.

It appears that Netflix newer strategy is paying off. 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.

The heavy spending will lead to negative free cash flow of up to $4 billion this year, the company has said.

That averages at around 9 million viewers per film. Eight or more will be in Spanish. Shrishti Behl has taken the post of director for Netflix originals in India, while former Fox executive Swati Mohan will be responsible for brand marketing in the country.

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

That's according to Variety, which reported on Sarandos' remarks today at MoffettNathanson's Media & Communications Summit 2018 in NY.

Some of its films will continue to show in theaters around the world.

Netflix shares opened higher Wednesday as the streaming giant has revealed it intends to release a lot of original programming during 2018.

"The creators we're talking to, they watch Netflix and they want to be on our network", said the CCO. 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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