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We already knew Netflix was spending $8 billion (about £6 billion) on original content this year, and that that included 80 original films. But now the streaming service has said its spending will fund a whopping 700 original films and TV shows this year alone. Of those, about 80 will be produced outside its native US.

Netflix's chief financial officer David Wells made the announcement at the Morgan Stanley Tech, Media & Telecom conference.

"Let's continue to add content," he told the audience in San Francisco. "It's working. It's driving growth."

Netflix is certainly continuing to add content. Recent deals with the Duplass brothers, showrunner Ryan Murphy and the makers of 'Hello Kitty' have helped fuel its growth to around 110 million customers around the world.

In its latest results, it added over 8 million new customers in three months, the vast majority of which were outside the US.

However, the firm wrote off just shy of £30 million for "unreleased content" starring disgraced actor Kevin Spacey. That's a lot of money, though admittedly a drop in the ocean for the world's biggest streaming service.

Source: Variety

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