The portion of original shows on Netflix has been steadily increasing since 2013’s House of Cards. Over the next five years, Netflix intends to make 50% of its catalog original TV series, movies, documentaries and more, reports Variety.
More exclusive content
Netflix released its first exclusive TV series in 2013 and have since then expanded the initiative to cover documentaries, movies, talk shows, and other genres. In 2016, Netflix is planning to produce over 600 hours of original content, up from 450 hours in 2015.
In 2017, Netflix expects to shell out no less than 6 billion dollars on original shows.
- “We’ve been on a multiyear transition and evolution toward more of our own content,” said David Wells, CFO of Netflix, at Goldman Sachs’ Communacopia conference.
Over the next five years, Netflix will fill up 50% of its catalog with original programming, or in other words exclusive content available only through Netflix. David Wells added that Netflix is about "one-third to halfway" there.
Outside the US, the company will make it a priority to dedicate 20% of its budget for original content to local productions. This type of creative flexibility is just one of the strengths of the streaming platform, argues Wells.
- “The nice thing about the platform is it allows a lot of creative freedom.”
More movies incoming
In 2013, Netflix had a strong start with major successes like House of Cards and Orange is the New Black.
Not all shows go on to become big hits and that it fine with Netflix, Wells said. The most recent mainstream success is ‘Stranger Things’ that supposedly rose to became the second-most popular TV series during the launch period, only surpassed by HBO's Game of Thrones.
Netflix has already released its first full-length feature films such as Beast of No Nation and a follow-up to Crouching Tiger, Hidden Dragon, and over the next two years consumers will likely start noticing how ambitious Netflix’s plans are. The company is working on potential blockbusters such as War Machine starring Brad Pitt and Bright starring Will Smith.
And as you probably already know, Netflix releases its movies online and in cinemas at the same time.