Netflix has completely changed itself over the last few years, and that change isn't stopping with company CFO David Wells saying during the week that there is a big change in the balance between licensed content and Netflix's own original shows.
The company was already "one-third to halfway" towards reaching this goal, but Wells explained that it was all part of a "multiyear transition and evolution toward more of our own content". Netflix is now on a path towards its half-original goals, while reducing the cost of production, and increasing the number of bidders in the streaming business make it both cheaper, and easier to take bigger chances on shows and movies versus traditional TV networks.
Wells explained: "You have supply and demand settling out. We don't necessarily have to have home runs. We can also live with singles, doubles and triples especially commensurate with their cost".
Netflix CEO Ted Sarandos said earlier this year that the company would have around 600 hours of original content in 2016, compared to the 450 hours it had in 2015 - but it's still not enough to fill 50% of its catalog unless it didn't buy as much content from other networks and studios.
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