Netflix CFO David Wells has announced that the video streaming service plans to invest some $8 billion in new original content this year. He added that he expects the company to offer 700 original titles through the service by the end of the year, with around 80 of them being made outside the US, following the success of shows such as Dark, which is made in Germany.
Wells told the audience at the Morgan Stanley Technology, Media & Telecom Conference: "Let's continue to add content - it's working, it's driving growth". He's not wrong, Netflix added around 8.3 million new subscribers in the final quarter leading up to December 2017, bringing its total number of paying subscribers up to 117.6 million.
David Wells is all too aware that there is still substantial room for growth, saying "there's more non-members that members of Netflix - that's our opportunity". There are an estimated 700 million broadband users worldwide, excluding China.
Netflix will spend more money on marketing this year to try and improve growth too, up from $1.3 billion in 2017 to $2 billion this year. Wells said of the increased spend: "We used to think every incremental dollar was spent on content" but extra money will be pooled into marketing because "we think marketing is a multiplier on the content spend".