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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.

Go deeper

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.

Dave Lawler, author of World
2 hours ago - World

Assassination in Iran sets stage for tense final 50 days of Trump

The funeral ceremony in Tehran. Photo: Iranian Defense Ministry via Getty

Iranian leaders are weighing their response to the assassination of Mohsen Fakhrizadeh, known as the father of Iran’s military nuclear program, who was given a state funeral Monday in Tehran.

The big picture: Iran has accused Israel of carrying out Friday’s attack, but senior leaders have suggested that they’ll choose patience over an immediate escalation that could play into the hands of the Israelis and the outgoing Trump administration.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Hospital crisis deepens as holiday season nears.
  2. Vaccine: Moderna to file for FDA emergency use authorizationVaccinating rural America won't be easy — Being last in the vaccine queue is young people's next big COVID test.
  3. Politics: Bipartisan group of senators seeks stimulus dealChuck Grassley returns to Senate after recovering from COVID-19.
  4. States: Cuomo orders emergency hospital protocols as COVID capacity dwindles.
  5. Economy: Wall Street wonders how bad economy has to get for Congress to act.
  6. 🎧 Podcast: The state of play of the top vaccines.