Make no mistake about it, folks. Netflix is intent on taking down Hollywood.
Following Bright, which just hit the streaming service at the end of 2017, the company dropped a bombshell on us this past Sunday by announcing that that they’d purchased The Cloverfield Paradox and that it’d forgo a theatrical release, instead heading right to their platform that very night.
No doubt such an arrangement cost Netflix a pretty penny, and now, we’re hearing from The Hollywood Reporter that they paid just over $50 million for it. From what we understand, the deal was “a rescue plan hatched by Abrams, Paramount chairman-CEO Jim Gianopulos, Netflix chief Ted Sarandos and head of original films Scott Stuber, among others.” They use the term “rescue plan” because apparently, the studio was worried that the pic wouldn’t do well at the box office.
Word is Paramount tried their best to clean things up but ultimately deemed it to be “unsalvageable,” thus leading them to decide Netflix was the best home for the movie. Granted, even on the streaming service, The Cloverfield Paradox has hardly been a hit amongst critics and viewers, but when you think about it, this little deal still worked out well for everyone.
Paramount made some money, and Netflix generated a ton of buzz in the industry while also showing that it’s serious about competing with Hollywood studios.
“It gets them attention and captures some viewing right off the bat,” says eMarketer’s Paul Verna. And even if the streamer doesn’t ultimately get the viewership it hoped for Paradox, “they still got a brand jolt,” he adds.
Verna’s absolutely right here, and while Netflix won’t release any numbers, you can bet that tons of people are still checking out The Cloverfield Paradox this week, even despite the poor reviews.
