Netflix will be investing around $8 billion on some 700 original TV series and movies this year, with the spending marking a $2 billion increase from the amount the company spent last year.
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Netflix's Chief Content Officer, Ted Sarados, has announced that the company will increase content spending by a further $1 billion next year - raising the total to a huge $7 billion.
As the Wall Street Journal reports, Apple is dedicating a sum of $1 billion to create high-end original entertainment content, putting it in competition against the likes of Netflix, Amazon, and HBO.
Facebook is expected to bring new original shows to users of its social network this summer, and it's reportedly offering as much as $3 million per episode for the rights to video content.