“Netflix and Chill” is about to get whole new meaning. The streaming service is reportedly gearing up to create 700 original TV shows and movies to its roster by the end of 2018, Variety reports. The company will reportedly spend a whopping $8 billion to bring those projects to the small screen (in addition to licensed content), Netflix CFO David Wells confirms.
Wells reportedly announced the news on Tuesday (Feb. 27) during the Morgan Stanley Technology, Media & Telecom Conference. In addition to shows and films, the initiative will also include 80 international productions. The boost of original content is reportedly part of a larger incentive to increase its viewer subscriptions.
At the end of 2017, Netflix reported a total of 117.6 million subscribers globally. “There’s more non-members than members of Netflix—that’s our opportunity,” Wells explained. He also estimated 700 million broadband users worldwide, with the exception of China, which hasn’t launched the streaming service yet.
Last month (Jan. 2018), the company exceeded its fourth quarter subscriber-growth goals. It reportedly recorded 8.3 million new, global customers. Even so, Netflix intends to increase its marketing budget by more than 50 percent in 2018. “We think marketing is a multiplier on the content spend,” stated Wells.
Netflix has been showing early signs of a streaming takeover. The giant recently inked a multi-year production deal with powerhouse Shonda Rhimes in Aug. 2017. Tiffany Haddish is also set to release an original stand-up special with the service.
As of today, there are approximately more than 200 original shows and movies available on Netflix, including Marvel’s Luke Cage, Bright, Stranger Things, Chewing Gum, Narcos, Orange is the New Black, and Beasts of No Nation.