U.S. streaming giant Netflix Inc. will spend more on British productions in 2020, Reuters reported.
Netflix CEO Reed Hastings said the company will make a "big increase" in its investment in U.K.-made content next year, citing the country's "phenomenal" storytelling capabilities.
Hastings also revealed that Netflix is spending £400 million on U.K. content in 2019, the second-biggest production budget after the U.S., London's The Guardian reported.
Netflix is reportedly taking over all of Pinewood Studios Ltd.'s Shepperton Studios in October under a 10-year deal, to cope with the expected production increase. The company set up a production hub at the facility.
The plans came as Netflix braces for tougher competition from upcoming streaming rivals, including Walt Disney Co.'s Disney+ and Apple Inc.'s Apple TV+. The British Broadcasting Corp. and ITV PLC will also launch their consolidated video-on-demand service BritBox.
This year saw Netflix expand its content offerings across Europe and reveal plans to open offices in Brussels, Belgium; Berlin, Germany; and Warsaw, Poland.
