Netflix shares opened higher Wednesday as the streaming giant has revealed it intends to release a lot of original programming during 2018. Indeed, the US-based business intends to beat the 61 original films it released in 2017, while continuing to create new original series, too.
By 1440 BT, Netflix shares were 0.19% lower at $325.51. The stock ended a little higher Tuesday.
Some 86 films planned for 2018
Netflix told Reuters the streaming service plans to release at least 86 original films in 2018. That’s more than the combined total of planned releases among the top four movie studios and will beat the 61 films Netflix released in 2017.
Netflix has already announced it intends to spend $8 billion on original content during 2018, although that figures includes TV series as well as films.
The decision to ramp up its original films production is no secret and has been oft mentioned by the Netflix management.
However, chief content officer Ted Sarandos recently said that where as in the past the company invested heavily on importing blockbusters made by other studios onto its network, it decided to invest that money differently and more heavily in its originals slate.
“We said, maybe we can put the billion dollars we’d put in an output deal into original films,” Sarandos said at the MoffettNathanson’s Media & Communications Summit 2018 in New York.
Originals strategy paying off
It appears that Netflix newer strategy is paying off. The streaming service also told Reuters that over 300 million of its subscribers have watched the 31 films it has released onto the service so far in 2018.
That averages at around 9 million viewers per film.
But, Netflix isn’t abandoning its Originals TV series. In fact, earlier this week the streaming service announced a deal for an anthology horror series with Oscar-winning filmmaker Guillermo del Toro.
“In this new genre-defining anthology series, acclaimed Academy Award-winning filmmaker Guillermo del Toro will present a collection of personally curated stories, that are both equally sophisticated and horrific,” Netflix said.