Netflix plans to spend up to USD 8 billion on content in 2018

Netflix plans to spend as much as USD 8 billion on new programming in 2018. This was announced by the company during the presentation of the third quarter results.

The goal of the streaming giant is to have a library containing 50% original TV and film content by the end of next year. On a video call with analysts, Chief Content Officer Ted Sarandos said that a sizable chunk of that USD 8 billion will go toward producing 30 new anime series and 80 new original films, all slated for release in 2018, The Verge reported.

During the third quarter, Netflix added 5.3 million members and reached a total base of 109.25 million users (including courtesy accounts). The international segment totaled 56.48 million, while its operation in the United States recorded the remaining 52.77 million.

The company’s total revenues (including the DVD business) totaled USD 2,785 million while the net income reached USD 130 million. In the streaming segment, revenues at the end of the quarter were USD 2,671 million.