Netflix gets three Beyonce projects for $60 million
Three shows for $60 million might not sound like the best deal. But when you figure in the star power of R&B’s reigning queen Bee, it might prove to be a steal. At least, that’s what streaming video on demand (SVOD) market leader Netflix seems to think.
After solidly outperforming the Street’s expectations in its first quarter, Netflix’s share price is on course to have appreciated by 50% year to date any day now
Source: Yahoo Finance
Variety broke the news, citing unidentified sources. And, while Netflix apparently disputes the financial terms reported, it hasn’t offered a public correction of them. What we do know is that the first piece of content under the deal, Homecoming, dropped on 17 April, and cost a cool $20 million. That special is a behind the scenes documentary chronicling Beyonce’s legendary Coachella performance in 2018.
It marks a step towards musical content that Netflix has been teasing for a while. And why not? The platform has already found excellence in movies, TV shows, documentaries, and stand-up comedy. Other musical content that Netflix has debuted includes Springsteen on Broadway, Gaga: Five Foot Two, Quincy Jones documentary Quincy, and critically lauded series Remastered.
According to Variety, HBO was also interested in optioning the Beyonce specials – but pulled out when Netflix started digging into its deep pockets. Given that Beyonce is a millennial icon (with 114 million followers on Instagram, she was the fourth most-followed person on the platform last year) that money may yet turn out to be well-spent.
Dominion holds Netflix in its Global Trends Managed Fund.
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