Yahoo Finance WSJ: Netflix to spend big on new science fiction film in bid to build franchises
By Scott Kanowsky
Investing.com -- Netflix Inc (NASDAQ:NFLX) is set to spend heavily on an upcoming science fiction film made by the team behind the blockbuster "Avengers: Endgame," the Wall Street Journal reported on Tuesday.
The cost of the movie, called "The Electric State," will run into the high $200 million range, people familiar with the situation told the newspaper, with the project featuring star actors Chris Pratt and Millie Bobby Brown.
The people also told the WSJ that it would be one of the most expensive films Netflix has ever produced. The streaming platform hopes that it will be a catalyst for a wave of ventures like spinoff shows and merchandising, the people added.
A Netflix spokesperson declined to say what exactly the group will spend on the movie, but disputed the budget number, the WSJ noted.
Netflix is attempting to squeeze the most out of its $17B content budget as it faces increasing competition in the streaming market and investor demands for profitability.
Related Articles
WSJ: Netflix to spend big on new science fiction film in bid to build franchises
HubSpot trading at a discount to large-cap software - Morgan Stanley
Judge sets October trial in US challenge to JetBlue's Spirit deal
