Netflix plans to make 17 more original productions in Asia

Friday, 9 November 2018 00:00 - - {{hitsCtrl.values.hits}}

FILE PHOTO: People walk past a poster of an Indian movie "Baahubali: The Beginning" outside a movie theater in New Delhi, India - REUTERS

SINGAPORE (Reuters): Netflix Inc plans to make 17 more original productions in Asia as it seeks to boost international subscriber numbers, Chief Content Officer Ted Sarandos said on Thursday.

The plan, announced at Netflix’s content showcase event in Singapore, comes after the US firm reported bumper quarterly earnings last month, driven by gains in international subscribers.

Netflix exceeded forecasts in both the US and international markets, with the bulk of new subscribers coming from outside the United States where the company has been investing aggressively.

The firm has earmarked $8 billion for content this year, and has spent $6.9 billion as at the end of its third quarter.

In Asia, led by India, Netflix has won fans among a young, tech-savvy middle class, helped by a roster that includes top-grossing movie franchise Baahubali.

Chief Executive Reed Hastings has said India could deliver the service’s next 100 million subscribers.

Netflix recently launched a blockbuster Mumbai-based crime thriller in India, but has also been sued over comments about a former prime minister and is facing an uncertain future with two of its hit shows whose actors have been accused of – and denied – sexual misconduct.

At the end of September, Netflix had 137 million subscribers to its movie and TV streaming service worldwide. It began stocking its library with original films just three years ago.