Netflix CEO Reed Hastings has confirmed that the platform’s latest bid for €1bn investment in European content is in part to meet European content quotas laid out last month, during his keynote speech at Series Mania in Lille.
EU bodies agreed that there should be a 30% quota of European works on Netflix-style services, last month. It will also extend to video-sharing platforms including Facebook and YouTube.
Hastings stated during in his speech that while the company has some way to go to meet this, it is building its Euro content up to meet the three-year deadline put in place by Euro bodies.
Moves towards this were made evident by the company in April, when Netflix announced that it is to invest €1bn in European content including a new Julian Fellowes drama from the UK, its first Dutch series and French, German and Italian titles.
Local originals were also high on the agenda during Netflix quarterly earning’s call earlier this year, where the streamer highlighted the success of international titles on the platform so far.
Hastings noted at Series Mania that in the fourth quarter of 2017, the streamer’s two biggest global hits were European, with Spain’s La Casa de Papel and Channel 4 collaboration The End of the F**ing World topping their international list.
The company is currently at about a 20% quota, looking to increase this over the next few years, according to the exec.