Netflix recently commemorated a decade since it first introduced original content, marking a significant milestone for the platform. Starting with DVD rentals and transitioning to streaming, Netflix has since produced a vast array of originals.
According to What’s On Netflix, the streaming service currently offers a total of 6,621 films, television series, mini-series, and special programs, with 3,657 of them being Netflix originals. This means that Netflix originals now account for 55 percent of the platform’s video library in the United States, a 5 percent increase from the previous year.
Despite the dominance of original titles in its library, Netflix released only 49 original productions this year, compared to 89 in 2022. However, this figure is still impressive, considering the scale of content production. Nonetheless, some original films and series are scheduled for removal from Netflix’s content library. In 2022 alone, 38 Netflix originals were removed as the streaming giant decides not to renew licensing agreements for underperforming projects.
Over the past ten years, Netflix has made substantial investments in building its collection of original programming. However, the company has faced challenges with declining memberships in recent quarters, leading to operational restructuring. As of the end of 2022, Netflix had approximately 230.75 million subscribers, with an additional 2.5 million new accounts gained in the first quarter of 2023. The company aims to surpass 251 million memberships by the end of this year and exceed 280 million by 2024.
In light of these goals, Netflix has been reducing production costs while prioritizing driving subscription numbers. The streaming service is shifting towards a quality-focused content strategy as more consumers scale back on streaming subscriptions to manage their expenses effectively.