Netflix is set to spend around $8 billion on content to create around 700 original series and movies in 2018.
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The plans were announced by CFO David Wells at the Morgan Stanley Technology, Media & Telecom Conference Feb. 27, reports Variety.
According to Wells, original content is helping grow Netflix's subscriber base, which is driving their strategy. “Let’s continue to add content—it’s working; it’s driving growth,” Wells says.
According to Variety, these original productions will be made all over the world, and the company has “no religion” about the source of programming.
“People don’t care where the stories come from,” Wells says. “We’re about having the best content. We don’t necessarily have to do it ourselves.”
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