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Netflix to release 80 original movies in 2018

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Netflix to release 80 original movies in 2018

Netflix Inc. Chief Content Officer Ted Sarandos said the streaming giant is gearing up to release about 80 original movies in 2018 and has more than 30 original anime projects in various states of production.

Speaking at the company's third-quarter earnings call Oct. 16, Sarandos said the films range from $1 million Sundance movies to big-budget fare such as "Bright," to be released at the end of 2017, and Martin Scorsese's "The Irishman," which will be released in early 2019.

Providing an update on the company's content budget, Netflix CFO David Wells said the company is looking to spend "$7 billion to $8 billion on a [profit-and-loss] basis" on programming in 2018. Wells had previously expected a content budget of $5 billion to $6 billion, though he noted that Sarandos expected that figure to rise to $7 billion or more.

Netflix reported net membership additions of 5.3 million for the third quarter, above guidance of 4.4 million issued in the July 17 second-quarter release. International member additions came to 4.45 million, compared to guidance of 3.65 million.

Netflix recently raised prices on some of its streaming plans in the U.S.