85% of new Netlix spending going toward original programming

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If you need new shows and movies to watch, Netflix should have you covered pretty well for the rest of the year. However, by the end of 2018, Netflix plans to have significantly increased the number of original shows on the service with 85% of new spending going to original programming. However, it's still unclear exactly how much will go into Netflix Original films.

It's no secret that Netflix has said it will spend $8 billion this year to acquire and produce the kinds of content that will entice the average person to pay $10.99 a month to watch not only entire seasons of programs such as "Friends", and all three chapters of "The Godfather" saga, but Netflix originals such as "Stranger Things" and "Altered Carbon". The company told Reuters that the 33 Netflix films released so far this year have been watched more than 300 million times by more than 80 million account holders worldwide.

The decision to ramp up its original films production is no secret and has been oft mentioned by the Netflix management. And according to Netflix's Chief Content Officer, Ted Sarandos, the amount of new spending Netflix is putting toward original content should leave no question about where the company's priorities lie. Eight or more will be in Spanish. Sarandos, speaking Monday at MoffettNathanson's Media & Communications Summit 2018 in NY, declined to break out what portion of that is licensed vs. original spending but said the bulk of new spending is on originals. "Bright" opened in 12 locations while action-adventure film "Okja", from South Korean director Bong Joon-ho, was shown in about 50.

Sarandos reiterated that Netflix's heavier focus on original and exclusive content is driven by more favorable economics and the expectation that big media companies would eventually focus more on their own streaming-subscription services. The company's most ambitious movie gamble to date is "The Irishman", the coming De Niro and Pacino film directed by Martin Scorsese.

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