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Netflix to boost UK content spending in 2020

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.