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FILE PHOTO: Reed Hastings, co-founder and CEO of Netflix, gestures during an event of the Fundacion Telmex Mexico Siglo XXI (Telmex Foundation Mexico XXI Century) in Mexico City, Mexico, September 6, 2019. REUTERS/Edgard Garrido
CAMBRIDGE, England (Reuters) – Netflix will make a “big increase” in its investment in British television production next year, taking advantage of the country’s strong story-telling expertise, Chief Executive Reed Hastings said on Friday.
“The possibilities the internet brings for growing entertainment is phenomenal, and over the next several years with all of the expansion I think we are going to see a very large increase in how much content is produced here in the UK,” he said at the RTS television industry conference in Cambridge, England.
“This year we spent a little over 400 million pounds ($502 million) in the UK and that’s continuing to grow following our subscriber base.”
Asked if Netflix would spend twice as much next year, he said: “Probably not double, but a big increase.”
Reporting by Paul Sandle; editing by Kate Holton
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