Netflix has gone from strength to strength the last couple of years as it looks to grasp a foothold in Hollywood – and now the flourishing company has set it’s sights firmly on Hollywood’s biggest studios.
David Wells, the Chief Financial Officer for the streaming giant, has spoken of the companies ambitious plans to have 50% original content over the next 5 years – this would include TV shows and films which have continued to grow exponentially over the last couple of years.
“We’ve been on a multiyear transition and evolution toward more of our own content…” – David Wells
Perhaps the biggest reason for this sharp incline comes down to Netflix’s recently acquired partnership with Disney, that will see the Hollywood studio give exclusive rights to the streaming service for the next 10 years, including it’s multi-billion dollar Marvel division.
With several award-winning TV shows established, Netflix is already regarded as market leader on the small screen, with original drama’s such as House of Cards, Orange is the New Black and Stranger Things all picking up a host of awards in recent years.
Now however, it looks like Netflix is about to challenge Hollywood biggest movie studios by expanding it’s film division to include more original releases – among the first to cash in on this new platform is comedy actor Adam Sandler, who last year signed a multi-picture deal with Netflix to write, produce and star in several films exclusive to Netflix subscribers.
It’s not been all plain sailing though for Netflix – after increasing subscription prices for all it’s US customers, in order to reinvest the money in more content, the streaming giant saw a rapid increase in cancellations. This has prompted David Wells and his team to explore new avenues of revenue generation, though he has stressed that they’ve no immediate plans to introduce advertising… at least not just yet anyway.