"Stranger Things," "13 Reasons Why" and "Bright" were big hits on Netflix in 2017, and the company has credited marketing — as well as the content itself — for their success.
As well as spending between $7.5 billion and $8 billion on shows, Netflix will increase its marketing expenditure to $2 billion this year, up from $1.28 billion in 2017, the company said in a shareholder letter published Monday.
But in spite of a healthy budget, Netflix Chief Executive Reed Hastings would actually rather not spend any money on marketing at all. "Our sort of Holy Grail dream is that the service was so good at promoting the new content in such relevant ways that we wouldn't have to spend externally," he said on the company's fourth quarter earnings call Monday.
Greg Peters is Netflix's chief product officer — the man in charge of optimizing the streaming site's recommendation algorithm that encourages people to watch more shows — while Kelly Bennett is its chief marketing officer, responsible for spending that cool $2 billion budget.