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Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize for their work in fighting global poverty, the Royal Swedish Academy of...World Newsread more
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Beijing will be opening up its financial industry to foreign ownership from January, namely in the areas of futures, mutual funds and securities.China Economyread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
Netflix now says it will spend $7 billion to $8 billion on content in 2018, pushing expectations ever higher in the cut-throat content business.
Netflix content chief Ted Sarandos told Variety in an August article that Netflix would spend $7 billion on content next year — up from more than $6 billion over the past year and $5 billion in 2016.
"While we have multi-year deals in place preventing any sudden reduction in content licensing, the longterm trendss are clear. Our future largely lies in exclusive original content," the company said in a quarterly earnings report.
And competition is fiercer than ever, as companies like Disney and Apple move deeper into streaming.
By comparison, HBO spent $2 billion on content last year, CEO Richard Plepler told earlier this month. Plepler acknowledged that rights are getting more expensive, but noted that "[m]ore is not better."
"We're going to spend what we need to spend to spend to make sure we are creating outstanding programming, curating in a way that our brand continues to stand for excellence," Plepler said.
"With $17 billion in content commitments over the next several years and a growing library of owned content ... we remain quite comfortable with our ability to please our members around the world," Netflix said.
Netflix reported on Monday.
Correction: Netflix increased its total content budget by $1 billion compared with previous estimates. It did not disclose how much of this increase would go to Netflix-original content.