Looking to significantly ramp up their original output in 2018, Netflix has announced that it will spend $8 billion on original content in the next year towards their goal of putting out 80 original films in 2018, Deadline reports.
The number of original films compares to eight released by Netflix in the quarter ending September 30, content chief Ted Sarandos said in a video conference on Monday. The company gained 5.3 million new members during the quarter.
In July, the Los Angeles Times reported that Netflix's spending on original content had led to a $20.54 billion debt, while the company's cashflow continues to increase. Netflix and its investors have opted to increase debt spending over time in the hopes of increasing short term growth.
In response to the Times report, a Netflix representative evaluated the debt at $15.7 billion and wrote, "Every broadcaster, cable network and streamer that has licensing agreements uses the same structure. As a point of reference, Disney/ESPN has $49b in similar commitments for sports contracts."