Netflix’s collection of movies and TV shows has decreased by half following an announcement from the streaming site revealing plans to add enough content to its library to make it 50 percent original content.
Netflix, one of the biggest and most successful streaming websites in the world, has recently revealed plans to incorporate more original programming to its collection of TV shows and movies, in addition to other licensed content.
Netflix Targets Original Content
Speaking during Goldman Sachs’ Communacopia conference in September, Netflix Chief Finance Officer David Wells disclosed the company’s plan to produce original content.
“We’ve been on a multiyear transition and evolution toward more of our own content.”
At the time, Wells revealed that the company is already “one-third to halfway” near completion of the transition to the targeted 50 percent original content.
“We don’t necessarily have to have home runs… We can also live with singles, doubles and triples especially commensurate with their cost.”
This idea appears to have gained Netflix the attention it is aiming for, especially after its original series Stranger Things became a hit with only eight episodes.
Aside from Stranger Things, the streaming site also made tons of profit after producing House of Cards and Orange is the New Black, which provided proof of the company’s capabilities and talent in choosing stories that are worth watching.
Netflix Content Down By 50 Percent
While there may be a positive side to this, Netflix consumers are not very happy with the changes, especially after the streaming site experienced problems over the weekend.
Hi all – we are aware of streaming issues and we are working quickly to solve them. We will update you when they are resolved.
— Netflix CS (@Netflixhelps) October 1, 2016
— Wetpaint (@WetpaintTV) October 1, 2016
— Ale Punch (@muegano) October 1, 2016
Aside from that, the Netflix library appears to have been reduced by half, as first noted by a blog calling itself Exstreamist.
Citing data from uNoGS in the United States as of September, the blog revealed that Netflix movies and TV shows decreased to about 5,300 from almost 11,000 titles per sources reportedly close to the company.
“What this means is that, over the past four years, the Netflix library has collapsed 50 percent in total title count since its peak four years ago,” Exstreamist noted.
Of course, there may be another reason to this other than the plan to include original content to the site’s library, including copyright disagreements with other producers like what happened with The Get Down, which cost the company a hefty $150 million.
Netflix Original Production Removes “Complications”
Ultimately, the plan to produce original Netflix movies and TV shows might well clear things up and remove the confusion brought about by shared rights.
Aside from that, Netflix sees more potential in original content, which Wells pointed out in September.
“You have supply and demand settling out. We would love to provide as many of those stories as possible to the consumer.”
He also noted that having the streaming site produce original content may actually be good for the industry, as it provides a way to go to different formats and genres that may appeal to various types of audiences.
“We would love to provide as many of those stories as possible to the consumer,” he added.
In the international scene, Netflix targets about 80 percent Hollywood-made and 20 percent locally-produced content from the country, except in Japan, where the streaming site is fixed at 50 percent domestic productions.
Will Disney Buy Netflix?
In related news, chatter on Wall Street indicates Walt Disney Co.’s interest in buying Netflix to add to its growing entertainment chain.
— DisneyTVA News (@DisneyTVA) October 4, 2016
According to Market Watch, rumors have been circulating about Disney targeting Netflix for another buy out after it reportedly considered buying Twitter.
While no confirmation on the matter has been released yet, Netflix shares skyrocketed on Monday by about 4.1 percent, with volume at 15.3 million shares, which is double the streaming site’s daily average.
[Featured Image by Pascal Le Segretain/Getty Images]