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FILE PHOTO: The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. REUTERS/Mike Blake
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Netflix Chief says much more investment in UK next year!

Amid the growing competition among the online streaming sites, giant Netflix’s chief Reed Hasting has made some bold remarks regarding the platform’s future plans and production of content in the UK instead of US.

“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,” said Hasting whose company just invested $125 million for the making of The Crown – a British drama series.

“This year we spent a little over 400 million pounds in the UK and that’s continuing to grow, following our subscriber base,” he added as he emphasized on the company’s plan to further invest in the UK and utilize the country’s exceptional storytelling art.

However, Hasting’s remarks sent a frenzy among the investors in the US who have already lost a bit of trust in the previously no.1 online streaming site. Following the conference, Netflix’s shares in the US further plunged 6% adding to the 26% decrease the company faced after a quarterly report in July.

The report stated that Netflix had lost subscribers in the US this year and failed to achieve overseas targets. Currently, Apple’s streaming service stands no. 1 in the US.

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