Apr 14, 2016 11:42 AM EDT

Netflix News: Streaming Service Beats HBO For Best Original Content

TAG:Netflix, HBO, TV

Recent Netflix news revealed that the streaming service has dethroned HBO for best original programming. The latter has had the title for several years now.

Variety reported that the streaming service has won over the hearts of more American consumers since it was voted as having the best original content among its rivals. Netflix has outdone other premium TV and Internet-video subscription services including HBO.

In a survey conducted by Morgan Stanley, a Wall Street firm, it was found out that about 29% of the respondents picked Netflix as the best in original programming. This was an increase from last year's 23%.

HBO, on the other hand, got 18% and placed second. Last year, the studio got 31% in the study.

Other subscription services such as Showtime, Hulu and Amazon fell in between 4%-5%. Starz got the lowest score at 2%.

"This comes as we estimate that in 2016 Netflix will spend more on (original programming) than HBO for the first time," analysts wrote in the report. "Netflix members continue to be heavy TV consumers, and actually overindex to premium networks when compared to the overall survey population."

This Netflix news noted that the streaming service is projected to invest about $2.5 billion on content in the U.S. this year. Time Warner's HBO and CBS's Showtime are believed to spend only $1.8 billion and $700 million, respectively.

According to Business Insider, Netflix has been focusing their resources on original content this year. Moreover, the streaming service is said to release 600 hours' worth of original content this year, which includes 31 original shows.

It was previously reported that Netflix will be increasing the monthly price for its longtime subscribers. The new price is $2 higher than its previous price point. Since October, new customers have been charged with $9.99 for the service's most popular plan.

Next month, subscribers can expect a higher monthly bill for the subscription. The company has stated that it will be sending an email to affected customers to let them know about the upcoming increase.

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