In what is sure to be good news for consumers, the California-based multinational entertainment business Netflix (NASDAQ:NFLX) has decided to double the original content it streams in 2017. So the options for subscribers are going to multiply soon. The original series offerings of Netflix will be going up to 60 shows soon, which is about double than what their subscribers are getting at this time.
It was also revealed that this is part of their plans to celebrate five years of the “original content strategy”. With the doubling in 2017, the total number of hours of original programming will be more than 1000. In contrast, in 2016, they had just 600 hours of original programming.
A press release issued by Netflix said that “Dear White People”, which is based on the movie from 2014, by the same name, and “Ozark” will be included among the 60 shows. Jason Bateman will be exploring family dynamics as he tries to survive like an ordinary American in Ozark.
Netflix Is Increasing Their Content Budget
To make the expansion possible, the streaming service has decided to increase their content budget from the $5 billion of this year to $6 billion. The experts are enthusiastic about this, saying that the decision is a move in the right direction. It may eventually help them even save money as Netflix will be moving away from movies and licensed shows, both of which are costly. In fact, they are pointing out that the company may end up spending less than $6 billion, and perhaps even less than the $5 billion of 2016.
Will This Business Model Change Work?
Many of them feel that this business model change might serve Netflix (NASDAQ:NFLX) better in the coming years, and help them financially too.
But that may be bad news for those who love movies and big shows. Many shows with big fandoms such as Doctor Who or Battlestar Galactica have gone already from the lineup of this streaming service. The fact is that not everyone is happy with this change.
According to data compiled, Netflix has reduced their shows and movies by close to a third already. At the beginning of 2014, they had 1,609 shows and 6,494 movies. But by March 2016, this has come down to 1,197 shows and 4,335 movies. So the business has clearly been perusing this policy for some time now. They have made space in the content library for the coming original content.