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.

By the numbers, according to Sarandos, per Variety:

  • Netflix will have 1,000 originals by the end of 2018.
  • 470 of those projects are set to premiere between now and the end of the year.
  • More than 90% of Netflix's audience regularly watches its original programming.

Netflix faces a growing number of threats to its booming global business. Most notably, Walt Disney Co. and 21st Century Fox have announced a merger that they hope will enable the combined company to rival Netflix with a robust library of original and traditional content available through an entertainment streaming platform in 2019.

  • Other tech giants, like Apple, have begun to create their own original content studios in order to compete.
  • Charter, one of America's largest telecom companies, hired TV production vet Katherine Pope to start its own original content push this year.

If those numbers sound mind-blowing, think again: Axios' Ina Fried reported last month that Netflix CEO Reed Hastings said he doesn't think $8 billion is enough to compete on a global stage.

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Robert Mueller speaks out on Roger Stone commutation

Former Special Counsel Robert Mueller testifies before the House Permanent Select Committee on Intelligence on Capitol Hill on Wednesday July 24, 2019. Photo: The Washington Post / Contributor

Former special counsel Robert Mueller responded to claims from President Trump and his allies that Roger Stone was a "victim" in the Justice Department's investigation into Russian interference in the 2016 election, writing in a Washington Post op-ed published Saturday: "He remains a convicted felon, and rightly so."

Why it matters: The rare public comments by Mueller come on the heels of President Trump's move to commute the sentence of his longtime associate, who was sentenced in February to 40 months in prison for crimes stemming from the Russia investigation. The controversial decision brought an abrupt end to the possibility of Stone spending time behind bars.

Trump dons face mask during Walter Reed visit

Trump wearing a face mask in Walter Reed National Military Medical Center on July 11. Photo: Alex Edelman/AFP via Getty Images

President Trump wore a face mask during his Saturday visit to Walter Reed National Military Medical Center, according to AP.

Why it matters: This is the first known occasion the president has appeared publicly with a facial covering as recommended by health officials since the coronavirus pandemic began, AP writes.

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Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 12,607,510 — Total deaths: 562,338 — Total recoveries — 6,948,863Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 3,228,884 — Total deaths: 134,600 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.