While the video game industry seems to be in free fall, particularly at Xbox, the video game television industry is booming. Especially at Xbox. Earlier this month, Microsoft announced the creation of a new department dedicated to cross-media real estate development. According to an industry insider, the team may have risen from the ashes of a burned deal with Netflix, after Xbox allegedly overexploited the value of its intellectual properties.
In a report from Puck NewsAccording to Matthew Belloni, a deal was being made between Xbox and Netflix to develop projects based on its vast portfolio of games. In an article about new Netflix executive Peter Rice, it was revealed that the streaming megalith offered new Xbox CEO Asha Sharma $500 million in exclusive rights to adapt a large portion of their intellectual property over a seven-year period. A brilliant silhouette. A good time. But Sharma apparently upped the ante to $800 million, at which point Netflix canceled the offer.
In a statement to PuckXbox says ‘Netflix is a valued partner’, on top of upcoming animated films Minecraft And Diablo series, they have “received record interest” in adapting their intellectual property. Belloni writes that in response to this failed gamble, Xbox is seeking less comprehensive and smaller deals with multiple production partners. The link between this failed agreement and “XP”, a new department dedicated to cross-media, is not confirmed. It is reasonable to assume that it was built to make up part of the backlog.
As game development becomes prohibitively expensive and gaming itself becomes prohibitively expensive, publishers large and small are seeking cross-media deals to double down on their properties. HBO The last of us and illuminations Super Mario the films rallied audiences, often redirecting attention back to the source material. Give a second wind to old existing catalogs.
This is a phenomenon that Xbox also knows very well. Both Warner Bros. Minecraft film and Amazon To fall the show proved to be monumental successes. Not all cross-media expansions are created equal. Despite being the jewel in Xbox’s crown, Paramount’s Halo The series failed to capture the zeitgeist as effectively as the studio’s Sega activities.
It’s unclear exactly what games Netflix was hoping to develop, but Microsoft literally has more games than it knows what to do with. At the same time, it’s a huge world. Loss, Ancient scrolls, War equipment, Call of Duty, Space Quest. As big as Xbox’s tank is, there are ultimately a lot more fish in the sea for Netflix to cook with. Just like Netflix developed shows around Cyberpunk, League of Legends, The Witcher, Castlevania and live streaming rights to the live action Zelda next year.
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