What is the deal with “Seinfeld”?
Netflix made the announcement public Monday on Twitter, saying that “Jerry & Elaine & George & Kramer” – the series’ four main characters – would be headed to Netflix in 2021. While that’s still at least 15 months away, it likely will help the streaming TV giant fill the gap created by the loss of two of its other big-name TV series, “Friends” and “The Office,” both of which will be leaving Netflix for other streaming services.
All 180 episodes of the Emmy-Award winning Seinfeld are coming to Netflix – worldwide! – starting in 2021 pic.twitter.com/tLvcCKH4vl
– Netflix US (@netflix) September 16, 2019
Netflix didn’t disclose how much it paid for “Seinfeld,” but it did say the deal will keep the sitcom on its service for five years. It is likely the company wrote a check for more than the $160 million Hulu paid for the series in 2015.
But the fact that Netflix was willing to dig deep into its pockets for “Seinfeld” – which ended its regular series run in 1998 – is a sign that while it may be putting more emphasis on original programs such as “Stranger Things” and “Narcos,” the company can’t deny that its subscribers still want to watch legacy programs and shows produced by other outlets and networks.
“‘Seinfeld’ is the television comedy that all television comedy is measured against,” Netflix Chief Content Officer Ted Sarandos said in a statement. “It is as fresh and funny as ever and will be available to the world in 4K for the first time.”
The “Seinfeld” announcement comes not long after AT&T’s WarnerMedia spent a reported $425 million for the rights to stream “Friends” on its HBO Max service starting in the spring of 2020, and NBCUniversal reportedly spent $500 million in order to acquire “The Office” for its own, upcoming streaming TV service starting in 2021.
Michael Pachter, media analyst with Wedbush Securities, said that while Netflix hasn’t disclosed how much it is paying for “Seinfeld,” he estimates that the amount likely surpasses what NBCUniversal paid for “Friends.”
“If they are paying $750 million for five years of Seinfeld, that’s the highest price I can imagine,” Pachter said. “That is only 2% of their current annual domestic budget. I think it’s highly likely that they will attract 2% of domestic viewing hours to the show, so that type of investment makes sense to me.”
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Source:: Daily Times