Netflix will make a 'big increase' in buying UK content-CEO

CAMBRIDGE, England Sept 20 (Reuters) - Netflix will make a "big increase" in its investment in British television production next year, taking advantage of the country's strong story-telling expertise, Chief Executive Reed Hastings said on Friday.

"The possibilities the internet brings for growing entertainment is phenomenal, and over the next several years with all of the expansion I think we are going to see a very large increase in how much content is produced here in the UK," he said at the RTS television industry conference in Cambridge, England.

"This year we spent a little over 400 million pounds ($502 million) in the UK and that's continuing to grow following our subscriber base."

Asked if Netflix would spend twice as much next year, he said: "Probably not double, but a big increase." ($1 = 0.7973 pounds) (Reporting by Paul Sandle; editing by Kate Holton)