Netflix will focus on developing its own content next year and nearly double the number of original shows to 31 from 16, chief content officer Ted Sarandos said on Monday.
The video-streaming company has 10 feature films, 30 kids’ series, about a dozen feature documentaries, 10 stand-up specials and two documentary series in various stages of production, Sarandos said at the UBS Global Media and Communications Conference in New York.
“This is programming that people want to watch,” Sarandos said, noting that Netflix shows got nominations for Emmy, Oscar and Golden Globe last year.
The company, known for original shows such as Orange is the New Black and House of Cards, is also pulling back from signing deals with U.S. Movie studios with the exception of Walt Disney (DIS), Sarandos said.
Sarandos’ comments spooked investors, who were worried about the potential of increased costs of in-house productions and the smaller pipeline of Hollywood studio fare. Shares in the company (NFLX) tumbled nearly 5% to $125.02 in mid-day trading after hitting an all-time high earlier in the day of $133.27.
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