Netflix Wants Original Content to Make Up Half its Library
Only a few short years ago, Netflix had in mind to double its roster of original programming by 2016. That goal has more or less been achieved, with something new debuting practically every Friday, so what’s next? Why, launching even more originals, to the point they make up 50% of the streaming service’s offerings, per Netflix brass.
The figure comes from Netflix CFO David Wells, who laid out his plan during a Goldman Sachs’ Communacopia conference on Tuesday. Wells noted that Netflix is “one-third to halfway” of its 50% originals goal, the other half comprised of licensed TV shows and movies.
Specifically, 2016 saw Netflix launching 600 hours of original programming, up from 450 hours in 2015 (per Variety), while 2017 is projecting a content spending rise from $5 billion to over $6 billion. Wells also spoke to the need for distinguished voices to continue generating their most original hits, though the company was fine with a few clunkers now and again:
We don’t necessarily have to have home runs … We can also live with singles, doubles and triples especially commensurate with their cost.
Fortunately for us, at least, the occasional increase in subscription prices won’t ever lead to the creation of an ad-supported model:
There’s no immediate plans for an ad-supported product … The Netflix brand stands for no advertising.
Netflix content is hard enough to keep up with as-is, but will #PeakTV end up further diluted by having 50% of its streamed programming be exclusive originals?