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The movie streaming mega giant Netflix is on track to exceed expectations with regards to its revenue by racking up $11 billion. This is largely being attributed to the growth of faster internet access and the spread of the streaming service’s influence all over the world. In an effort to maintain this momentous pace, the company is reportedly planning on spending $8 billion in creating original content for 2018.
The revenue number was according to the Q3 earnings report that Netflix released, with the streaming company noting how growth is going really well abroad, Forbes reports. Despite several price increases that were implemented throughout the year in several regions, the company still has over 109 million subscribers.
For Q3, Netflix added 5.3 million new subscribers from all over the globe, which is a 49 percent increase year-over-year. Projections were previously at 4.4 million, which meant that the company handily beat its own estimates. It would seem that the market craves the service’s original contents more than what most other streaming services provided.
“We continued to benefit from a strong appetite for our original series and films, as well as the adoption of internet entertainment across the world,” the report reads.
As such, there’s little wonder why Netflix is planning on spending up to $8 billion in creating new shows and producing episodes for news one next year. This is a $2 billion increase from the $6 billion budget for 2017, CNN reports.
Some are speculating that this could be a response to the growing number of potential competition from companies like Apple, Facebook, and Amazon. While the services of those tech giants are largely unformed, to say the least, the simple fact that they are spending a lot of money on producing original content poses a risk to Netflix.
