Netflix, an online media and video streaming brand which is in a run since 1997 is now planning to expand their visibility by nourishing their platform with much-advanced programming to serve their client a best and class service.
On Monday the company made an official announcement that they will spring to spend $8 billion on their online streaming brand for the betterment of its programming. The plan of the boost came in front after observing tech giants like Apple, Amazon and Facebook who are hunting for original shows and movies to expand their reach across the market.
“We have a good head start, but our job is to improve Netflix (NFLX, Tech30) as rapidly as possible … to stay ahead of the competition in the decades to come,” the company said in its earnings release Monday.
It is planned the company will be ramping a large number of original movies. Netflix’s chief content officer Ted Sarandos said on an earnings call on Monday that the company plans to release about 80 films the next year.
Netflix is one of the most expensive online streaming brands for users but being the valuable company is holding a right brand image in the market because of their original content and full facilities in favour of the user.
In the third quarter of this year, the company added 5 million subscribers which raised the numbers to 109 million subscribers all across the world. In the previous year, the same quarter was holding 86 million of total subscribers of Netflix.
“It’s really about slow and steady. We’ve been in no hurry,” David Wells, Netflix’s CFO, said on the call when asked about the timing of the price hike. “Many investors have criticized us in the past for being under-priced.”