Netflix has been expanding its libraries of television and film recently to include plenty of original programming. The streaming service has produced some of the most critically-acclaimed and popular series of the past few years, and it's not looking to slow its forward momentum any time soon. Netflix has a major goal for the future of its original content. If the team behind the scenes at the streaming giant have their way, half of the content available will be entirely original to the streaming giant.
Netflix CFO David Wells has explained that they hope that achieve the goal of original programming making up half the library in the next couple of years. The service is reportedly a third of the way toward accomplishing its goal. 2016 has been a big year for growth in original programming; a whopping 31 new scripted series were set to debut this year. David Wells' reveal at the Goldman Sachs Communacopia Conference (via Deadline) indicates that all has been going well with the latest original series.
The goal of original content eventually comprising half of the Netflix library doesn't come as a huge surprise, considering an announcement from chief content officer Ted Sarandos last year. Sarandos dropped the news that Netflix is looking to someday release a new show every couple of weeks. The stated timeframe for the frequent original releases was originally five years. A third of the way toward the 50% mark is pretty good progress after only one year.
Unfortunately for subscribers, Netflix will be increasing its monthly price to finance the new original programming. Another $1 billion per year will be required if the streaming service is going to have the money to produce enough originals to comprise half of the library. Fees have been slowly increasing in 2016, and those of us who shell out money per month should expect more price hikes in the future. Netflix hasn't lost any consumer satisfaction due to the price increase just yet, but only time will tell if subscribers will remain satisfied with future rate increases.
Subscribers won't be the only ones footing the bill for the new original programming, however. Netflix will likely continue borrowing money to finance its production. It started incurring debt last year in order to make new shows, and the next couple of years will probably see more borrowing on the part of the streaming champ. Netflix is making some big gambles with its goals for the next few years of expansion. If we get more shows like House of Cards, Orange Is the New Black, and Daredevil out of those gambles, though, it may be worth the price hikes to see more original programming than ever.
Check out our ranking of the greatest Netflix originals to see the best of the best that have been produced so far, and don't forget to take a look at our fall TV premiere schedule to see what you can watch on the small screen while you wait for more out of the streaming service.