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Netflix received more Emmy nominations than any other network on Thursday, unseating HBO from the top spot, as the streaming giant pours unprecedented resources into original content.
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Netflix series earned 112 nominations compared to HBO’s 108, marking the first time in 18 years that HBO did not finish first among all networks. The streamer earned 21 more nominations than it did last year, when it received 91.
“We congratulate our creative partners on their unprecedented success today, garnering Netflix a leading 112 nominations,” Netflix Chief Content Officer Ted Sarandos said in a statement obtained by the Hollywood Reporter. “We are particularly enthused to see the breadth of our programming celebrated with nominations spread across 40 new and returning titles which showcase our varied and expansive slate — comedies, dramas, movies, limited series, documentary, variety, animation and reality.”
The platform has increasingly focused on producing its own original content amid tough competition from Amazon’s “Prime Video” and other services. Netflix is set to spend as much as $13 billion to fund original programming efforts in 2018 alone, the Economist reported, citing data from Goldman Sachs.
That total surpasses an original estimate of $8 billion in spending for this year and far outpaces Netflix’s rivals. HBO spent $2.5 billion on its own original content in 2017, while CBS spent $4 billion, Fortune reported.
“The Crown” led all other Netflix series with 13 nominations. Sci-fi series “Stranger Things” and western drama “Godless” each scored 12.
Despite the Emmy nomination results, Netflix shares fell about 2% in trading on a downgrade note from UBS, which argued that recent positive developments are already “priced in” to the stock.
Netflix reports quarterly earnings on Monday.