Netflix Paid Over $50M for Cloverfield Paradox, Was It Worth It?

It sounds like everyone’s a winner withThe Cloverfield Paradox. Well, at least everyone from a business perspective. As far as the audience goes? That’s another story.Netflix surprise releasedthe latestCloverfieldmovie just after theSuper Bowlthis year, purchasing it from Paramount at the last minute. The streaming service garnered a lot of attention for this stunt. So, how much did that stunt cost Netflix? According to a new report, more than $50 million.

Netflix has deep pockets and is happy to spend big bucks on big name content right now. A franchise likeThe Cloverfield Paradoxis a prefect example of what they’re looking for. And getting to scoop upCloverfield 3for a little more than $50 million without having to do a lick of work in terms of producing it? That’s exactly what a streaming giant like Netflix wants to do right now. But why would Paramount sell the movie to Netflix in the first place? Well, as those who have seen it will likely tell you, it isn’t very good. Currently, the movie holds a 20 percent approval rating fromcritics on Rotten Tomatoesand a 56 percent audience score. Rotten on both accounts.

With that in mind,The Cloverfield Paradoxwas deemed “unsalvageable” by Paramount and, according to The Hollywood Reporter, that’s how Netflix came into the picture. The deal was said to be planned by producer J.J. Abrams, Paramount CEO Jim Gianopulos, Netflix chief Ted Sarandos and the streaming service’s head of original films, Scott Stuber. With Netflix paying more than $50 million,The Cloverfield Paradoxis said to have been instantly profitable, as the studio didn’t have to spend any money on a marketing campaign. Netflix, for their part, dropped a single TV spot during theSuper Bowl.

The Cloverfield Particlestarted life as a sci-fi/thriller titledGod Particlethat eventually became part of theCloverfielduniverse. Director Julius Onah finished the movie in September of 2016 and it’s been shifting around the release calendar ever since. Prior to the Netflix sale, Paramount had set a release for April 20. But what does this mean for the future of the franchise?

This is where Paramount really wins out on this Netflix deal. Reportedly, Netflix only gets the streaming distribution rights forThe Cloverfield Particle. Paramount retains the rights to the home video release and China, which means they could ultimately see some box office after all. That will only help them further profit from the movie following the Netflix sale.

Not only that, but Paramount has no obligation to offer futureCloverfieldmovies to Netflix. J.J. Abrams’Overlordis rumored to beCloverfield 4and, according to this new report fromThe Hollywood Reporterit’s fate is still undecided, but it’s described as “a World War II zombie film” that scored high on recent test screenings. Currently, that movie is scheduled to be released in October and could very well beCloverfield 4.