Netflix will spend a whopping $7 billion on content next year

Coming just a day after news broke that Apple would be spending $1 billion to create or obtain original programming in the next 12 months, Netflix today announced that in 2018 it will spend seven times that amount, reports Variety. Netflix’s chief content officer Ted Sarandos told the publication that it will spend $7 billion in 2018 on content. However, Sarandos says the “vast majority” of the $7 billion is for licensed content, but its spending on licensed and original content could be split 50/50 in “a couple years.”