Netflix currently plays host to a wealth of original content including favorites like House of Cards (which introduced viewers to the concept of full season releases) and Orange Is the New Black as well as more recent hits such as Stranger Things and Fuller House (a sequel to the original Full House that ended abruptly in 1995).
It should come as little surprise that Netflix is planning to churn out even more original programming in the coming years.
During a speaking engagement at the Goldman Sachs Communacopia conference on Tuesday, Netflix CFO David Wells said they aim to have half of their content be original productions over the next few years. At this point, they’re roughly “one-third to halfway” there already, he added.
Hitting that goal won’t come cheap. As Variety notes, Netflix projects content spending on a profit / loss basis to hit $5 billion this year and climb to more than $6 billion in 2017.
Earlier this year, content chief Ted Sarandos said Netflix expects to launch 600 hours of original programming in 2016, up from just 450 hours last year.
Wells said his company’s upcoming original content will consist of a mix of content owned and produced by Netflix as well as co-productions and acquisitions. What’s more, not everything it puts out has to be a breakout hit so long as it is commensurate with what it costs to make it.
The good news on that front is that the cost of content production has declined, partially a result of supply and demand leveling out.
Oh, and subscribers will be happy to hear that Netflix currently has no plans to introduce an ad-supported version as Wells said the brand stands for no advertising.