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Netflix plans huge investment in original content

Netflix chief content officer Ted Sarandos. Photo: Ernesto S. Ruscio/Getty Images for Netflix

Netflix chief content officer Ted Sarandos said Monday that the streaming giant plans to spend 85% of this year's estimated $8 billion content budget on original series, Variety reports.

Why it matters: Netflix isn't just competing with other subscription video on-demand companies, like Hulu and HBO, for eyeballs, but also legacy media companies, tech companies and telecom firms that are also creating their own streaming properties and funding original content projects.