With the number of subscribers to the streaming service surpassing 62 million, Netflix's chief content officer Ted Sarandos all but scoffed at the notion that the company is spending too much money on original content. Shows such as the political thriller House of Cards and the dark comedy Orange Is the New Black are a major reason people all over the world subscribe to Netflix and retain the service, he said in an investor conference call Wednesday.
"What we're seeing is the dollars invested in our original programming are more efficient in that for every dollar spent, we get more bang for the buck in terms of hours viewed," Sarandos said.
20:54 Groupon Buys LivingSocial, a Rival Once Valued at $6 Billion12
21:06 Apple's Q4 2016 results: Better than expected with 45.5 million iPhones sold, but revenue continues to slide16
18:28 AT&T's DirecTV Now Streaming Service to Cost $35 a Month12
16:36 AT&T, Time Warner poised to lobby lawmakers, regulators on proposed $85-billion merger23