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Netflix shares fall as it announces new investment in French content

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Netflix shares are lower Friday, as the US TV streaming firm announced plans to increase its investment in French content, with seven new titles. The firm also said it was on track to exceed its $500 million investment promise in Canada and that it is very happy working with Canada’s world-class production community.

By 1600 BST, Netflix shares were 0.75% lower at $377.85. The stock has been broadly higher in recent weeks.

Netflix French content plans

Netflix said earlier Friday, that it had secured seven new French Originals for its customers. There will be three new French series and also four films and documentaries, to bolster its existing original French content.

The content will be available to all Netflix customers, around the world.

“We are delighted to announce today three new French series – a witty comedy about friends, family and weed; a psychological horror series; and a modern, coming of age vampire tale in Paris – for our French and Global audience to enjoy,” said Erik Barmack, Vice President of International Originals at Netflix.

“Each project involves such talented French storytellers and producers that we are thrilled to be working on what promises to be very exciting times to come,” Barmack added.

Increased Canadian investment

Separately, in a blog also posted Friday, the TV streaming business said that after announcing in 2017, its intention to invest a minimum of $500 million in original production in Canada over five years, the firm said it was currently on track to exceed that initial investment amount.

“We established Netflix Canada for a simple reason: Canada has a world-class creative and production community and we really like working with it,” said Corie Wright, Director Public Policy at Netflix.

“The government’s approval of Netflix Canada allowed us to more deeply and directly invest in production here,” Wright said.

“It has been a busy year for Netflix Canada. We’ll continue to work with Canada’s top notch talent and creative institutions on content projects and partnerships, and look forward to sharing more on those soon,” she added.

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