Why Netflix Paid More than $50 Million for ‘The Cloverfield Paradox’?

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We’re also left to wonder if major studios will see this as a sound strategy. It’s unlikely they would unload a major blockbuster, but if a mid-budget project isn’t testing well, do they just shop it over to Netflix? Is that the new model?

We are talking about the unconventional release of the latest movie from the Cloverfield franchise - The Cloverfield Paradox


forbes.com

The Cloverfield Paradox isn’t very good, but the business deal that got it on Netflix could have major ramifications for Hollywood. It was a marketing coup for Netflix, and while we’ll never know how many people ended up watching the movie after the Super Bowl on Sunday, it was still a major deal for the streaming service. The terms were pretty favorable to Paramount, the studio that made The Cloverfield Paradox, as well.

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Super Bowl viewers were shocked when Netflix dropped an ad for The Cloverfield Paradox, revealing that the J.J. Abrams-produced movie heretofore known as God Particle would forgo a theatrical release and instead debut on the streaming service immediately following the big game on Sunday.


socialunderground.com

The deal, broached over the holidays and finalized in January, is worth north of $50 million, sources tell The Hollywood Reporter, with Paramount retaining rights for China and home entertainment. If they had released the film traditionally, it likely would have flopped, and the studio would have lost money on a movie that sat on the shelf for over a year.


uswitch.com

By moving Cloverfield to Netflix, the question now becomes what about the Cloverfield brand? Presumably, audiences don’t care that much about where they get their next Cloverfield movie, especially if it looks good and has positive reviews.

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