In return for paying upfront for original shows like Stranger Things or Squid Game, Netflix demands full ownership of intellectual property. But it might soon revert to industry norms, says the Financial Times’ Alex Barker.
LONDON: There was a point when the world was not enough for Netflix. When the streaming service commissioned an original show, the contract would literally span “the universe” rather than restricting Netflix’s rights to just one country, territory or planet.
Such buyouts departed from the traditional model for television commissioning, where producers retained a stake in the commercial success of their show. The approach was yet another way in which Netflix stood out from the TV crowd. Someone dressed as a character from the show is seen at the Squid Game FYSEE event on Jun 12, 2022 at the Netflix FYSEE at Raleigh Studios in Los Angeles. to developing live programming, Netflix is looking more like the incumbent broadcasters it was created to unseat.Netflix, of course, has been one of the great beneficiaries of shared rights. Even today, much of its library is made up of shows licensed for secondary use.
Netflix has been protective of its original shows. In return for a considerable upfront fee, the streaming service effectively bought the power to decide where it is aired, and whether to develop spin-offs, merchandise or games. Netflix, for instance, has commissioned a reality show from Squid Game, made by different producers from the drama.This is considerable power. Yet even for Netflix, the calculus has begun to change.Some producers are pressing to retain rights to the shows that they make.
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