According to the Wall Street Journal quoted by Jiemian News on September 24, Netflix has become a major platform for comedians, financing a series of special programs. These shows may provide more than 220 million subscribers.
The streaming giant is now changing the way it pays for comedies under specials, a move that could lower its costs and shift some of the financial burden to artists while giving them more control over their work, people familiar with the matter said. This reflects a broader drive to rein in spending within the company.
In recent months, Netflix has begun licensing new specials from some comedians for about $200,000 over a two-year period, moving away from the pricier out-of-the-box approach, people familiar with the matter said. Previously, many comedians received one-time payments, often as much as $1 million, which helped cover production costs.
A Netflix spokesman declined to comment on the financial terms of the company’s deal with comedians, saying Netflix will continue to invest heavily in stand-up comedy. In a written statement, the spokesperson said that in response to current market conditions, the new licensing approach “provides yet another avenue for comedians (at every stage of their careers) to work with Netflix.”
Netflix said it lost nearly 1 million subscribers in the quarter ended in June due to increased competition. The company told investors that it expects its content spending to remain at its current level of around $17 billion over the next few years.
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