Netflix will have over 1,000 original TV shows and movies on its service by the end of the year, chief content officer Ted Sarandos said at a media summit on Monday.

Sarandos said that 85% of the company's new spending will go toward the production of original shows and movies.

Netflix is expected to spend an estimated $8 billion on content in 2018 altogether.

Netflix is set to hit a milestone with its original TV shows and movies by the year's end, as the company's massive investment in its brand of "Netflix Originals" continues to pay off for the service.

Netflix chief content officer Ted Sarandos said on Monday, at a MoffettNathanson media summit, that the streaming service would have over 1,000 pieces of original content by the end of the year, with 470 of those originals set to premiere between now and end of 2018, Variety reports.

Sarandos said that around 85% of the company's new spending will go toward the production of original shows and movies. Altogether, Netflix is expected to spend an estimated $8 billion on content in 2018.

Sarandos said around 90% of Netflix's users regularly consume Netflix original programming.

Netflix on Monday announced the production of a new horror anthology series from Oscar-winning director Guillermo del Toro, and Sarandos spoke at length at the summit about the recent nine-figure contracts the company signed with acclaimed showrunners Shonda Rhimes and Ryan Murphy.

"The creators we're talking to, they watch Netflix and they want to be on our network," Sarandos said, according to The Hollywood Reporter. "The way we can secure those shows is having a great reputation with talent, having a brand people want to be associated with, and a good track record of delivering."

"They're incredibly prolific and they make a lot of great television and the things they make are incredibly popular," Sarandos said of Murphy and Rhimes.