Last quarter, Netflix said it would spend over $1 billion in 2017 on marketing costs alone, projecting that the company would have negative free cash flow for “many years” as it invests in original content. On Monday, the company noted it expects $2 billion to $2.5 billion of negative free cash flow this year, a steeper shortfall than the $2 billion in negative free cash flow forecast last quarter.
There was no mention of net neutrality protections in the earnings results release, despite a vocal outcry from the technology sector as a whole this month. Hastings has said that net neutrality is no longer a battle that Netflix is especially vulnerable to.
Netflix has shuffled some top executives in recent months, adding chief product officer Greg Peters and feature film boss Scott Stuber. Netflix announced an ambitious plan for its feature film business on Monday, including the release of 40 features “that range from big budget popcorn films to grassroots independent cinema.”
The entertainment technology company also continued its international expansion, where it gets the bulk of its user growth, by adding support for more languages, and content such as “Las Chicas del Cable.”
Netflix acknowledged the increasing demands on viewers’ attention, noting that “creating a TV network is now as easy as creating an app, and investment is pouring into content production around the world.”
“It seems our growth just expands the market,” the company said in a statement. “The largely exclusive nature of each service’s content means that we are not direct substitutes for each other, but rather complements.”
Disclosure: CNBC parent company NBCUniversal is a co-owner of Hulu.