Netflix plans to release 80 original movies in 2018

The company said it plans to increase its spending on content to between $7 billion and $8 billion (all figures U.S.) next year, executives revealed on Monday during updates about the firm's third-quarter earnings.That's up from the $6 billion Netflix spent this year.

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The plan includes movies "anywhere from the million-dollar Sundance hit, all the way up to something on a much larger scale," chief content officer Ted Sarandos said Monday.

In the past quarter, the company's feature film slate included movies such as AngelinaJolie'sFirst They Killed My Father, based on Loung Ung'sexperiences during Cambodia's brutal Pol Pot regime, and the controversial To the Bone, which delves into eating disorders.

New and upcomingNetflixtitles include dramas likeMudboundandTheMeyerowitzStories,which earned kudos on the filmfestival circuit,as well as its big-budget fantasy-infused policethrillerBright,starring Will Smith.

According to company executives, the spending increase is not tied to the price increases for subscribers (including Canadians) this fall, but had been planned for some time.

• Netflixhikes Canadian prices for new members, and current members will soon pay more, too

For several years, Netflix has had solid success with its stable of original streaming series.Early offerings like Orange is the New Black and House of Cards have made way for a wide-rangingtidal wave of popular titles such asStranger Things,Narcos,Master of None, The Crown, GLOW and nostalgic revamps of The Gilmore Girls and Full House.

The company also wooed successful TV creator Shonda Rhimes away from traditional network ABC.

However, it also faces its share of obstacles.

In addition to concerns about subscribers balking at price increases, the company faces a growing number of competitors like Amazon and Hulufighting over coveted, high-profileprojects. At the same time, existing media partners such as CBS and Disney are moving toward pushing content to their own streaming services.

The company has been regularly blasted by international theatre chains owners and even some filmmakers for its release model, which debuts movies in theatre the same day they begin streaming on Netflix.

Ithas also faced criticism of ongoing efforts to expand into international markets, with questions as to whether the company's investmentscould negatively affect existing funding structures.

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