Subscription costs are likely to rise as the streaming service evolves
Netflix has unveiled plans to make a major change to its content library.
The company’s Chief Financial Officer, David Wells, told investors yesterday (September 20) that the streaming service wants to make half of its content original in the future.
Netflix’s first original series, House Of Cards, launched in 2013. Since then the streaming service has scored big hits with shows including Orange Is The New Black, Stranger Things and Unbreakable Kimmy Schmidt. It has also branched out into original films with the Idris Elba-starring Beasts Of No Nation and action sequel Crouching Tiger, Hidden Dragon: Sword Of Destiny.
According to Deadline, Wells said at an investors’ conference yesterday that Netflix is “a third” of the way to hitting its 50% original content target, predicting that it will “take us a couple more years” to meet it. He also said that the streaming service could spend more than $1 billion on new shows every year in a bid to reach its target.
To fund the new wave of original content, Wells told investors that subscribers across the globe are likely to be charged more for their Netflix subscriptions in the future, saying: “We can raise [prices] slowly over time.”