Netflix may have had a great 2017 with valuation now being higher than it ever was at $100 billion, but not everything went well in the ‘House of Cards’. Kevin Spacey is reportedly behind the company’s $39 million loss after Netflix blamed the amount on “unreleased content we’ve decided not to move forward with.”
Kevin Spacey, one of the most successful actors of this generation, wasn’t exclusively blamed as being the source of this loss, but all eyes are on him for sure. The actor was accused of sexual harassment and abuse by over 30 male celebrities who have worked or interacted with him in the past. This led to Netflix ‘firing’ Spacey and not moving any further with projects they were mutually working on.
“House of Cards”, the drama behind a major boost in Netflix’s popularity was led by Kevin Spacey in the lead role. The final season is set to air later on this year near the end of 2018, but Kevin Space will no longer be a part of it after Netflix confirmed the news earlier in 2017.
Robin Wright, who has been working alongside Kevin Space in House of Cards, is now taking over as main character. This has given speculators mixed feelings over the move and it will be interesting to see how Netflix plays it out with this one.
The Netflix series wasn’t the only thing the company will be losing Kevin Spacey and money invested on. “Gore” was another Netflix original movie which the company had partnered with Kevin Spacey on. It was promoted to be a documentary about late author, Gore Vidal, but has been shelved after allegations against the actor gained momentum.
The $100 Billion Club and Kevin Spacey’s Future
Even though Netflix wasn’t confirming what was behind the $39 million loss exactly, sources are indicating both of his projects were primarily to blame. Netflix has chosen the way of investing heavily into original content creation instead of just rights to other productions, which is what kept it going strong despite the hiccups.
“We just hadn’t had one of this magnitude and related to the societal reset around sexual harassment,” Netflix Chief Financial Officer, David Wells, said about the earnings and valuation during a recent webcast.
Even though the Kevin Spacey scandal did cause quite a ruckus which shook Hollywood from its core, Netflix still managed to perform strong and maintain its reputation. The company was able to sign up 8.33 million new streaming customers in the last quarter of 2017. This was 2 million more than analysts had expected it to be able to gather up.
Performance of Netflix in the international market is also stronger than ever and gave the company its first full-profit in 2017. Shares also shot up by more than 7% after the news of Netflix’s performance in the last year and analysts are expecting this surge to continue going strong in 2018.
As for Kevin Spacey, no one really knows what he has planned now that he’s been under the covers ever since the allegations started. He hasn’t even tweeted since October, 2017.
What do you think about Netflix and the Kevin Spacey scandal? Let us know in the comments section below.