FILE PHOTO: Reed Hastings, co-founder and CEO of Netflix; it can be done at an event of the Fundacion Telmex Mexico Siglo XXI (Telmex Foundation Mexico XXI Century) in Mexico City, Mexico, on 6 September, 2019 at the latest. REUTERS/Edgard Garrido
CAMBRIDGE, England (Reuters) – Netflix will provide a “huge increase” in investment in Uk television production next year, taking advantage of the country’s story-telling expertise, chief executive officer Reed Hastings said on Friday.
“The potential of the internet to bring the culture of entertainment is outstanding, and in the next few years, with the expansion, I think we’re going to see a very large increase in the amount of content that is produced here in the uk,” he said at the RTS television industry conference, held in Cambridge, England.
“This year, we spent a bit more than £ 400 million ($502 million) in the united kingdom, and is continuing to grow following our customer base.”
Asked whether Netflix would have to spend twice as much next year, he said, “it’s Probably not a duplicate, but it is a great gain.”
Reporting by Paul Sandle; editing by Kate Holton