Netflix Plans to Spend $12 Billion on Content This Year

Streaming media juggernaut Netflix will reportedly spend $12 billion on new and acquired content in 2018.

According to The Source, this year the company will offer 82 feature films, as well as produce or buy streaming rights to some 700 brand new or original series. By comparison, the outlet notes that Warner Bros. will only be debuting 23 movies in cinemas during the course of 2018.

Netflix estimates that the multitudes of new movies and TV shows will reach the aforementioned amount, potentially even climbing close to $13 billion.

Originally founded in 1997 by Reed Hastings and Marc Randolph, Netflix has grown from a small DVD-by-mail business into the globally-recognized household name they are today.

Hastings recently opened up in an interview with Business Insider earlier in 2018, and shared his thoughts on what has led them to where they are now.

Regarding the "mission" of Netflix, Hastings said that "it's about bringing people joy and happiness and entertainment. That's the member-oriented version of it."

"The artistic vision is gathering together the world's best storytellers, from all over the world - so people can share content," he added.

When asked if he was intent on "leading some sort of a revolution when it comes to distributing content," Hastings replied that he sees it as "much more evolutionary than revolutionary."

" 'Revolutionary' would be more like YouTube with its open platform. And there's good and bad in revolutions," Hastings went on to say. "I would say we've much improved television. People still watch 45-minute shows on television, but now on Netflix. That's not a huge revolution — but that's a big improvement and that's important."

Hastings also shared what his personal favorite Netflix series is currently.

"The End of the F—ing World. Just because it's different. It's like something that I've never seen before," Hastings gushed. "You really don't like the characters at the beginning — at least I didn't like them. They were weird. And then you really start to grow into liking them, and at the same time, they grow into liking each other."

Finally, looking toward the future and what Netflix has in store, Hastings detailed that they are "expanding into unscripted content" as well as "local content."

"Like The Witcher or 1983. We're doing more around the world. We're making a ton of content in Japan, South Korea, India, and all throughout Europe. We've got big efforts ahead," he said, later adding that there is no limit to the company's investment with new shows. "I think we'll just keep growing for a long time."