Netflix Inc. (NASDAQ:NFLX) plans to more than double its production budget for Europe this year and will spend about US$1bln on original content in the region, the Financial Times reported, citing people briefed on the plans.
The investment will expand the video-streaming giant’s English and foreign-language offerings, the newspaper said.
Netflix said this week that revenue from international subscribers is outpacing the US, where growth has been curbed amid competition from streaming services including Hulu and Alphabet Inc.'s (NASDAQ:GOOG) YouTube.
Separately, Netflix may buy theaters in Los Angeles and New York that would allow it to screen its feature films and documentaries, The Los Angeles Times reported, citing people familiar with the matter.