Netflix has spent big in recent years on flashy, blockbuster-style action movies, meanwhile it’s found success in the comparatively low-budget horror genre.
Netflix doesn't often release films in theaters, unless it's seeking Academy Award eligibility, so it budgets for movies knowing that its only option for recouping spend is through subscription growth.The horror genre, in particular, typically comes with lower production costs, making these kinds of films ideal for the box office as they often rake in significantly more in ticket sales than they cost to make.
"The production costs are a sliver, a fraction, a small fraction of what it is for these huge bets that are made," he said."And why not go for an inexpensive sure thing that hits your targeted demo? Why not put your money there, rather than doing these big prestige plays?" "The cool thing about low budget is you can make mistakes," he said."Big budget, you just can't make any. If you screw up, you're screwed. So which is riskier, a $150 million movie or three $50 million movies?"Part of the scrutiny on Netflix's content spend stems from the lack of clear metrics around the financial performance of streaming-first shows and movies.
It's unclear how much Netflix spent per film for its"Fear Street" trilogy, and there's limited data around its performance on the platform. But Nielsen ratings estimated that"Fear Street 1994" generated 284 million viewing minutes during its first week on the service and"Fear Street 1978" tallied 229 million minutes. It is unclear how the third film,"Fear Street 1666" performed.
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