[UPDATE] July 6, 2018 3:27 p.m. EST: The Economist is reporting that Netflix will spend $13 billion USD on original content in 2018, surpassing numbers from any major Hollywood studio. This will include TV series, documentaries, comedy specials, and 82 movies, accounting for far more than Warner Bros.'s 23 and Disney's 10, in comparison.

Investment company Goldman Sachs predicts that by 2022, Netflix could reach an annual spending budget of $22.5 billion USD, which is close to the total spending by all networks in the U.S. combined.

[UPDATE] March 5, 2018 11.15 a.m. EST: In a follow up to what was previously reported, Netflix's plans for 700 new series and movies will also include returning seasons of past original shows.

Additionally, the company's $8 billion budget spend will include Netflix Originals like 'Stranger Things' as well as licensed content such as 'The Walking Dead.'

Read the original report below.

Netflix is about to give its subscribers the ultimate gift. According to CFO David Wells, the online streaming service is planning to create 700 new original TV shows and movies in 2018, with an $8 billion budget.

The increased production budget will be used to create fresh content, including 80 original productions outside of the U.S, meaning there will be more shows like German-language series, Dark.

Having ended 2017 with 117.6 million streaming members worldwide, the company also plans to increase its marketing spending from $1.3 billion last year to $2 billion this year.

As per Variety, Wells discusses balancing the company’s increasing desire to produce its own content with delivering the best programming to viewers, regardless of its origin. “People don’t care where the stories come from,” Wells explains. “We’re about having the best content. We don’t necessarily have to do it ourselves.”

In case you missed it, Netflix just dropped the trailer for 'Roxanne Roxanne.'