Paramount's loss is Netflix's gain! The streaming service giant just scooped up the domestic rights to stream the animated The Little Prince after Paramount dropped it.
Netflix CEO Philippe Dauman is currently on the hunt for a strategic buyer for "a minority stake." This is referring to the company's attempts to hit on the best strategy for animated content, something that has been slightly out of reach since the "defection of Jeffrey Katzenberg's major supplier DreamWorks Animation to Twentieth Century Fox."
This is just the tip of the iceberg in the recent cause for Hollywood anxiety. Companies are having trouble reconciling their marketing costs vs. theatrical returns.
Thankfully, Netflix does not have to worry about any of that monetary mumbo jumbo – at least not in the same capacity.
The Little Prince is a CG and stop-motion animated feature directed by Mark Osborne (Kung Fu Panda). Since its debut screening at Cannes, the film has grossed approximately $100 million – that's including what it made with Canadian audiences!
When Paramount had the rights, The Little Prince was going to be released around March 18, but will now stream on Netflix instead. This means we will have to wait a few extra months while Netflix works out a few things, but we can be assured it will be worth the wait.
The Little Prince is adapted from Antione de Saint-Exupery's 1943 novel of the same name, and features the voice talents of Jeff Bridges, Rachel McAdams, and Paul Rudd.
Not to make anyone feel bad, but The Little Prince would have done a lot better in theaters than Paramount's most recent acquisiton, Anomalisa, which has currently only grossed about $3 million in North America.
Of course, we cannot forget how Inside Out blew everyone else out of the water at the Oscars.
Netflix will begin streaming The Little Prince in the next few months.