Original series have been a priority for Netflix for a while now, but the streaming service is far from finished. In fact, Netflix aims to have original series comprise half its catalog within the next few years.
That’s according to CFO David Wells, who shared the plan while speaking at Goldman Sachs’ Communacopia conference on Tuesday. According to Wells, the company is already “one-third to halfway” to their goal of 50% original content. Not every show needs to be a hit, Wells explained: “We don’t necessarily have to have home runs… We can also live with singles, doubles and triples.”
Original series are an increasingly important part of streaming catalogs. They help companies like Netflix stand out from the competition, and because they’re owned by one streaming company or another, they can’t become the target of bidding wars like hit network shows and Hollywood movies can.
Of course, original content isn’t everything. Recent data shows that library content still accounts for the vast majority of Netflix’s streaming hours. But a move towards more original content makes financial sense for Netflix, as long as they can get viewers to follow.
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