Netflix to spend $8 billion on 700 original TV shows and movies in 2018

Streaming service to "continue to add content" because "it's working"

Netflix has announced that it will spend more than $8 billion (£5.75 million) on around 700 original TV shows and movies this year.

The company’s CFO David Wells was speaking on Tuesday (February 27) at the Morgan Stanley Technology, Media & Telecom Conference in San Francisco when he revealed the news.

Wells said that the “700-range” figure cited would include 80 original movies or shows from outside the US, including German psychological thriller Dark.

He added that the company’s strategy was to “continue to add content” because “it’s working, it’s driving growth”.

Despite plans to make more original content, Wells did add that “people don’t care where the stories come from”.

“We’re about having the best content,” Wells said. “We don’t necessarily have to do it ourselves.”

Netflix has around 117.6 million subscribers globally and Wells stressed that there being “more non-members” worldwide than existing members is an “opportunity” for the company.

Wells also discussed the company’s new five-year exclusive deal with Ryan Murphy – creator of Glee, American Horror Story, American Crime Story and Feud.

Wells said that such deals were “somewhat rare” but that Netflix likes “the kind of content he creates”.

Recently, Jared Leto’s new Netflix film The Outsider faced a backlash and accusations of whitewashing.

The movie stars Leto as Nick Lowell, an American soldier imprisoned in Japan following the end of World War II. His Yakuza cellmate helps to free him, but Lowell must then fight to join the crime group in order to pay him back.

It will be available on Netflix from March 9, and also stars Emile Hirsch, Raymond Nicholson, Tadanobu Asano and more.