How Much Did Netflix Pay For 'Cloverfield Paradox' Premiere Rights?
Prior to the much awaited Super Bowl LII announcement of "Cloverfield Paradox," fans already knew of the talks between Paramount and Netflix regarding the premiere rights of the film. After the streaming service confirmed the acquisition last Sunday, the question on everybody's mind was "how much?"
According to The Hollywood Reporter, Netflix reportedly paid Paramount Pictures "north of $50 million" for the premiere rights of the film. It was later streamed on Netflix without any marketing or even a teaser trailer. While unconventional, it was certainly in line with the mysterious charm in the franchise.
Still, the avant-garde approach that Netflix took in its release strategy did manage to shock and excite fans and critics alike. Social media exploded with tweets about the surprise reveal with some comparing it to Beyoncé's surprise release of "Lemonade" in 2016.
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That being said, while critics were definitely taken aback by the surprise reveal, it was not enough to sway their favor. Critical response to the film has been universally negative. After the film experienced numerous delays before settling on an ambiguous theatrical release set for April 20, many critics and fans didn't appreciate Netflix suddenly dumping the film on their faces without prior warning.
Given its price tag "Cloverfield Paradox" seems to be a qualified loss for Netflix and a definite win for Paramount. With a reported budget of around $40 to $55 million, the studio managed to at least break even, a prospect that wasn't guaranteed should the film opted for a theatrical release.
Still, that doesn't mean that Paramount will look to opt out of theatrically releasing future installments of the franchise. The studio already expressed their intention to release "Cloverfield 4" a.k.a. "Overlord" to theaters this October.
With "Cloverfield Paradox" now out of the way, J.J. Abrams will likely begin the fourth installment's marketing campaign in true "Cloverfield" fashion.
