Netflix has revealed it will be spending $500m (€453.2m) on producing TV shows and films in the UK this year, as the streaming giant prepares to take on new rivals including Disney and Apple.

It is the first time Netflix has detailed its spend on making and licensing British-made shows – which currently includes the likes of The Crown and Black Mirror. Over 50 new British titles will be added as a result of the new investment.

Speaking at the Royal Television Society conference in Cambridge, Reed Hastings, Netflix’s chief executive, said: “We’re going to see a very large increase in how much content is produced here. That presents a lot of opportunities and a lot of challenges in terms of capacity, training and development.”

Hastings said the UK had the second-biggest production budget after the US. He also said the company currently accounts for around 10 per cent of TV consumption in the US and 5 per cent in the UK.

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