Chief Content Officer at Netflix, Ted Sarandos, announced that 85% of the company’s total expense will be in developing original content. Although it’s a brilliant move to promote new artists and content, this is not surprising for Netflix which always prioritized unique content. It was always an amazing platform where creators get creative freedom to produce content for a wide range of projects. The most appealing part is that nobody is producing for ratings but more for self-satisfaction and producing content from the heart.
Netflix has 470 originals scheduled to premiere this year. Netflix has consistently performed well with original scripts in the past. This gives stiff competition to competitors like Apple, Amazon, Crackle, Vudu, and Hulu who are leaving no page unturned to keep up with Netflix by increasing their expenses on original content. Netflix’s greater focus on original content is driven by economic incentive. This is far more favorable than compared to licensing content. Also, more than 90% of Netflix users watch original streaming regularly.
Plans for 2018
In 2018, Netflix is looking for creators who are passionate about high-quality content that sparks cultural conversations. Not every piece of original content needs to be a hit or flop. Netflix now believes in not wasting billions on theater movies or TV shows on air. Instead, they can invest in native, original movies, and shows. Netflix projected that it would spend $8 billion on content this year. Netflix is currently in works to develop unscripted content and sign deals with high-profile names like Shonda Rhimes and Ryan Murphy.
So now it’s time for more “Netflix and chill” moments for viewers.