Beyonce scored a major touchdown this week with the release of her ‘Homecoming’ docu-concert on Netflix.
Together with its 40-track live album, the Coachella centered set is already being tipped for awards in the TV and music arenas.
Queen Bey is already winning, though. Because, according to a new report, she’s entered into a multi-project deal with Netflix.
Citing a source with knowledge of the venture, Variety revealed that the singer has signed a three picture agreement with the streaming giant.
The sum? Allegedly $60 million.
Per the report, ‘Homecoming’ is the first fruit from the partnership – for which the big N is said to have spent $20 million for the rights to.
In recent times, the on-demand service hasn’t been shy with its spending; they signed Shonda Rhimes to an exclusive production deal worth $100 million, and are said to have paid Chris Rock and Dave Chapelle $40 million and $60 million a piece for a series of stand-up comedy specials.
Netflix don’t disclose deal or viewership figures, yet multiple sources confirm all parties are extremely happy with the performance of ‘Homecoming’ thus far. And while concrete data has yet to be shared, the ripple effect it’s having on the sales of its companion live album and even 2016’s ‘Lemonade’ (which sit at #1 and #2 on iTunes, as at writing) is more than telling.
Interestingly, Vulture add that HBO – who Bey has collaborated with many times – were keen on ‘Homecoming.’ However, with the Netflix offer being so high, it was difficult to compete with.
While some may wow at the price-point, it’s easy to see the value Netflix and Beyonce find in one another.
The singer has skewed away from the traditional press trail in recent years, thus heightening the public’s desire for insights into her world. That’s has its benefits (see: maximises the impact of the rare moments she does let folk in), but it’s a risky M-O in an era where (for most) being relatable trumps mystery. Put simply, Bey is tasked with balancing mystique with openness. Something projects like ‘Homecoming’ (and similar) helps with immensely. Especially with Netflix’s 150 million subscribers worldwide.
For Netflix (whose end goal is adding to that subscriber count), pairing with the 37-year-old allows them to tap into her colossal fanbase. It also gifts them an effortless cool, given the star’s status as one of the biggest, most revered names in music. Furthermore, it opens up the door for similar music-focal ventures and shows their capability to have cultural impact with the “right” talent.
As such, when unpacked this way, it’s clear why this is huge win for both entities.
With much excitement surrounding Queen Bey’s next studio album, we’re already salivating at the prospect of what could be – especially with Netflix on-board.