KPop Demon Hunters is on track to becoming Netflix’s most successful original movie of all time, but the streamer didn’t even produce the film themselves.
Netflix bought the movie from Sony Pictures after the film studio reportedly spent $100 million to produce and develop the project.
Puck reports that the deal between Netflix and Sony called for the streamer to pay “a prenegotiated premium on top of the budgets for the films,” with the premium capped at $20 million per film. So, that means Netflix paid the $100 million budget to Sony, plus an extra $20 million.
So, why is this a bad deal?
Keep reading to find out more…
Puck believes that KPop Demon Hunters is set to “become a billion-dollar franchise, spawning sequels, spinoffs, music sales, Halloween costumes, and all the trimmings of a big fat Hollywood studio hit.”
While Sony Pictures has the rights to produce spinoffs and sequels, the studio is only allowed to distribute those future projects in China. Netflix retains worldwide rights for every other territory.
“There’s no backend, and Netflix has no obligation to renegotiate on the follow-up films,” the outlet reported.
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