Netflix has been working on raising its original content quota every single year, and it seems like 2018 will be the best yet. For now, it’s looking like the streaming platform will spend over $8 billion next year, mostly on original content. A large chunk of this monstrous sum will go towards 80 new original films.
Today the platform reported $2.99 billion in third-quarter revenue, up 30 percent from last year. The multi-billion dollar sum is due to 850,000 new U.S. subscribers and 4.45 million international members as reported by the Hollywood Reporter. The platform now boasts over 109 million subscribers.
Just a few weeks ago, Netflix announced it would be raising its subscription plan by $1 a month from $9.99 to $10.99. The 4k video plan also raised from $12.99 to $13.99. It may not be much to subscribers, but the company will begin to rake in millions it didn’t have before.
A main reason for the price increase was to funnel more money into original content. Netflix would like it’s catalog to be 50 percent original by the end of next year. Originally the plan was only for a $7 billion budget on new content, but with the Q-3 revenue reveal today, the company decided to take it up a notch.
In the past few years, most of Netflix’s original content has been series or mini-series, with a film here and there. If they hit their target of 80 original movies next year, that would mean a new movie every four and a half days.
In addition to the 80 movies, are 30 new anime series to be released by the end of 2018. Netflix has always been extremely tight-lipped when it comes to their viewership numbers, but this drastic increase in anime confirms high viewer numbers for their current programs.
Netflix has paved the way for other platforms to develop their own original content, and as other streaming services like Hulu and Amazon become more successful, it’s important for Netflix to stay ahead of the pack. This past award season brought Academy Awards and Primetime Emmy’s to Netflix competitors, pushing the platform to invest more in its original content. Apple, Facebook, and YouTube are in the earlier stages of developing their own content as well.
Another reason for the spike in original content is Netflix’s constant battle with Disney. Walt Disney Co. announced it would start its own streaming network back in August, and would not renew its contract with Netflix, which ends in 2019. This means Netflix would lose movies like Captain America: Civil War, Dr. Strange, Zootopia, Rogue One: A Star Wars Story, Moana, and so many more big titles. Original movies are a must for the company after losing such big name and fan-favorite flicks.
Subscribers will receive notification by October 19 on when they should expect to see their price change based on their billing cycle.
[Featured Image by Pascal Le Segretain/Getty Images]