The Office has long been a staple on Netflix and with the recent announcement of its departure at the end of 2020. The streaming platform offered up $90 million to NBC to keep the program.
The Office is leaving Netflix and moving to NBC’s new streaming service, but it’s not Netflix’s fault. NBCUniversal, which owns the rights to the series, is pulling the show from Netflix when the contract expires and moving the series to its streaming service in 2021.
Netflix did not want to lose this great show, though. According to a report from CNBC, Netflix offered NBC $90 million per year to allow Netflix to keep the streaming rights to the series. NBC didn’t bite.
Looking at this from a business perspective, NBCUniversal must see The Office generating at least $90 million per year (long-term) at their streaming service if they are willing to turn down that much for Netflix. That’s a gamble.
Netflix has long relied on the fans of the beloved show, The Office. Its GIFs, memes, facebook groups, and pop culture relevance are very difficult to replicate. However, the property is owned by NBC, where it originally aired for nine seasons and will head to its own streaming service in 2021.
The Office was Netflix’s most-watched show in 2018, and they made it known with their huge offer. Yet, Netflix topped that offer to pay $100 million to the content owner, Universal Television (a division of NBCUniversal). These insane numbers are nothing new as Netflix paid a hefty $100 million for another sitcom staple Friends.
NBCUniversal joins other corporations in their attempt at cloning Netflix’s success with their own streaming service. Disney+ launches later this year and also purchased rival streaming service Hulu earlier this year. AT&T’s WarnerMedia, who will retain the rights to Friends, plans to launch their service in the coming years as well.
Although the loss will be a huge bummer for basically everyone, ever. This huge hole might open up Netflix to keep a few more shows around for longer and possibly repeat the magic of an Academy Award-winning film like Roma.
Recent cancellations of favorite shows have caused an uproar of the loyal Netflix fans and with a potential $90 million freed up now, let’s hope that money will go into keeping future shows around for longer than one or two seasons.
The Office remains on Netflix until the end of 2020. We’ll let you know more news about the series and it leaving Netflix when we find out.