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Xbox Reportedly Ends Seven-Year Netflix Film and TV Rights Deal

Policy1 min read

Xbox and Netflix reportedly ended talks on a seven-year deal to turn Xbox game characters and stories into films and TV shows. Xbox now plans to make smaller, separate deals with other partners.

What happened

Xbox and Netflix had been negotiating a seven-year deal to make movies and TV shows based on Xbox intellectual property (IP). IP means the ideas, characters, and stories a company owns. According to foreign media, the deal has now fallen apart. Netflix's main contact for the deal, former Chief Content Officer (CCO) Bella Bajaria, left the company earlier this month, and the talks were then dropped. Xbox is now turning to smaller deals with other partners.

Key numbers

  • Netflix offered 500 million dollars (about 660 billion won) for the deal.
  • Xbox counter-offered 800 million dollars (about 1.06 trillion won).
  • Xbox recently cut about 3,200 jobs and closed 5 of its studios.

Background

Xbox is working to expand its IP into movies, TV, and theme parks. Earlier this month, it created a new unit called 'XP Division' to lead this work. Kaelin Walters, who used to lead Mojang Studios, the maker of Minecraft, now runs the new unit. These moves happen at the same time as a large company restructuring.

Why it matters

The deal shows how hard it is for game companies to earn money from their famous characters outside of games. Xbox says interest in its IP is higher than ever. Still, losing a key Netflix contact shows how one person leaving can change a big deal. Netflix did not make a public statement.

What to watch

  • Whether Xbox signs new smaller deals with other partners.
  • Whether Xbox and Netflix still work together on upcoming projects, such as the Minecraft and Diablo animated series.
  • How the new XP Division grows its movie, TV, and theme park plans.

Glossary

Xbox
Microsoft's video game brand and game console line.
Netflix
A global streaming company that shows movies and TV series online.
XP Division
A new Xbox unit that leads movie, TV, and theme park projects.
Mojang Studios
The game studio that made Minecraft, now part of Xbox.
Minecraft
A popular building and survival video game.

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