The offer ran for seven years and covered a broad range of Xbox intellectual property. It was reportedly put to newly appointed Xbox CEO Asha Sharma, who countered by asking for $800 million. Netflix then withdrew its bid. Netflix considered half a billion dollars enough for exclusive, long-term rights, while Xbox pushed for another $300 million. It is still unclear which Xbox games Netflix had in mind.
Xbox Is Now Selling Its Games in Pieces
After the failed deal, Xbox is pursuing smaller, narrower agreements with multiple production partners instead of one exclusive arrangement. Microsoft has also announced a new department focused on cross-media development. The “XP” unit likely exists to manage this spread of adaptation deals, though that is inference rather than anything confirmed.
Xbox says it is seeing “record-breaking interest” in its IP. Projects already in motion include an animated Minecraft series and a Diablo series with Netflix, so the two companies are still doing business. The library Xbox is shopping around includes Doom, Elder Scrolls, Gears of War, Call of Duty, and Space Quest. Netflix, for its part, already has hits built on Cyberpunk, League of Legends, The Witcher, and Castlevania.
The appetite for game adaptations is real. HBO’s The Last of Us, Illumination’s Super Mario movie, Warner Bros.’ Minecraft film, and Amazon’s Fallout have all done well. Paramount’s Halo series is the exception, since it did not land as widely despite the franchise’s profile.
Hashlytics Take
Xbox asked for 60 percent more than Netflix offered, and Netflix walked rather than meet it. That tells you Xbox sees its catalog as a scarce asset and is willing to forgo a guaranteed $500 million to prove it. Halo is the quiet counterweight to that confidence: Xbox’s most recognizable franchise went to Paramount and underperformed the field, which is a good argument against putting the whole library in one partner’s hands. Splitting the rights spreads that risk, but it also removes the price floor. “Record-breaking interest” is a claim until it turns into signed deals worth more than the one Xbox just turned down.
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