Good news for fans of Netflix's original programming – the streaming service has announced that over the next few years it's planning to fill more than half of its streaming catalog with its own shows and films.
Speaking at the Goldman Sachs' Communacopia conference Tuesday, CFO David Wells said the change in the balance of content is part of a "multiyear transition" for the company and that it's already "one-third to halfway" to meeting its target.
Netflix already has a slew of successful originals under its belt which have been produced by Netflix itself, co-produced with other companies, or acquired in post-production. It will continue this approach as it builds upon the content.
According to Wells, not every show commissioned will have to be a "home run". As the cost of content production has gone down Wells says that the amount of content has increased. It's thanks to this that it's become easier to take chances on new shows and movies to offer greater variety, appealing to a wider range of subscribers.
Releasing content that spans genres and appeals to every subscriber is one of Netflix's main aims, Wells stated. And although he said the company had "a ways to go" before it will achieve this, "the nice thing about the platform is that it allows a lot of creative freedom."
Creating popular content and keeping it exclusive to the service is clearly a method that's working for Netflix, as Wells went on to say that of customers who cancel their subscriptions, between 33% and 50% eventually return.