Netflix Increases Its Production Spending, Acquires VFX Firm

With the success of “Red Notice” — the heist caper starring Ryan Reynolds, Gal Godot and Dwayne Johnson described as Netflix’s first stab at a film franchise — the streaming service has turned a corner, quelling resistance to making the first-run theatrical window an afterthought for direct-to-TV and Netflix’s 214 million subscriber households worldwide. Netflix has said it would spend $17 billion on original content in 2021, making it a talent magnet and major spender in Hollywood. The company plans to produce even more originals in 2022 and have them spread more evenly throughout the year (since the pipeline presumably won’t be interrupted with COVID-19 shutdowns). Continue reading Netflix Increases Its Production Spending, Acquires VFX Firm

Steven Spielberg and Netflix Sign Multi-Year Filmmaking Deal

Influential and commercially successful filmmaker Steven Spielberg signed a multi-year deal with streaming service Netflix to make new films under the aegis of his Amblin Partners studio. Spielberg still retains his long-term relationship with Comcast’s Universal Pictures, where Amblin Partners is based. The deal is a win for Netflix, which faces increasing competition from new streaming services including Disney+, HBO Max and Amazon, which is acquiring the MGM movie and television studio with its James Bond franchise in a deal worth $8.45 billion. Continue reading Steven Spielberg and Netflix Sign Multi-Year Filmmaking Deal

Netflix Considers Introducing Bonuses For Successful Movies

Netflix, which traditionally has paid talent with upfront deals, is reportedly considering bonuses for filmmakers, actors and producers when their movies prove to be successful. Insiders indicate that the number of awards a movie wins or its viewership numbers could measure the level of success. The new incentive model would be designed to win film projects for the streaming service that would otherwise be picked up by other studios. While Scott Stuber, head of Netflix’s original film division, has been discussing possibilities with producers, details regarding the types of bonuses or who might receive them have not been revealed. Continue reading Netflix Considers Introducing Bonuses For Successful Movies

Netflix’s Release Models Are Challenging Hollywood Studios

If director Alfonso Cuarón’s “Roma” gets Netflix its first Best Picture nomination for the Oscars, much of the credit will go to Scott Stuber, who heads Netflix’s movie business. His mandate is to help Netflix loom as large in movies as it does in television, where it received 112 Emmy nominations this year, the most of any network. Netflix is spending big on its Academy Awards campaign for “Roma,” and studios are worried that Netflix’s move into features might lead viewers to avoid movie theaters altogether. Continue reading Netflix’s Release Models Are Challenging Hollywood Studios