Netflix original series Sense8 will not be the last cancellation. Photo / Netflix
Netflix original series Sense8 will not be the last cancellation. Photo / Netflix
IF you're still mourning the cancellation of Netflix's The Get Down and more recently Sense8, then you're not going to be too happy about what the CEO of the streaming service has to say.
Reed Hastings, who co-founded Netflix way back in 1997, has said the company is due for plenty more cancellations telling CNBC this week that their "hit ratio is way too high now".
In an interview with the news site, Hastings admitted they "have cancelled very few shows" after the streaming service were hit with backlash over cancelling The Get Down and Sense8.
Considering the streaming service's radio silence over their viewers and ratings, it's difficult to know whether or not a show is doing well - something the world isn't going to find out anytime soon.
"You can tell when we cancel a show. So, I'm always pushing the content team, we have to take more risks, you have to try more crazy things. Because we should have a higher cancel rate overall," he said.
For those who might find that confusing, Hastings explained that "by taking big swings, you get some winners that are just unbelievable winners".
And, it's those big swings that led to the shocking success of the controversial 13 Reasons Why.
"It surprised us. It's a great show, but we didn't realise just how it would catch on," he added.
While the company is still investing more than $US6 billion a year into new shows, some are clearly proving too costly.
The Get Down became one of the streaming service's most expensive shows after it went over budget and started costing more than $US16 million an episode to make. Sense8 cost more than $US9 million an episode due to its extensive filming locations and ensemble cast.
And it isn't just original TV shows that the streaming service is willing to spend big money on.
The most recent example being Brad Pitt's new movie War Machine which Netflix spent $US60 million on.
With original shows like Orange is the New Black and House of Cards releasing new seasons this month, Hastings agreed that creating their own content is more important than ever.
The company's main competitor in the world of streaming is Amazon which is spending a little under $US4 billion on original shows.
While Hastings did admit that Amazon's success is "awfully scary", the CEO agreed the growing competition in the world of streaming services can only be good for business.
"It's been great for talent and writers," said Hastings. "There is so much competition. All the new players and the existing players like HBO are beginning to grow. It is this new age of television."
