In a shocking turn of events, Netflix Inc. (NASDAQ: NFLX) finds itself embroiled in a financial fiasco involving a high-stakes series and a director with a penchant for risk-taking. The streaming giant invested a staggering $55 million in a project named “Conquest”, helmed by acclaimed director Carl Erik Rinsch. However, Rinsch’s creative pursuits took an unexpected detour, leading to a rollercoaster of gains, losses, and legal battles.
“Conquest”, a science fiction series centered around artificial humans, was Netflix’s ambitious venture. The company’s former VP of original content, Cindy Holland, secured the bid for Rinsch’s brainchild. Little did they know that this project would drain their coffers, both financially and emotionally.
Rinsch, known for his work on the film 47 Ronin, diverted a significant chunk of the show’s budget into uncharted territory.
After spending US$46 million on filming in São Paulo, Montevideo and Budapest, which were already troubled, Rinsch asked for more US$ $11 million – which Netflix only gave up after a dispute between two different versions of the script.
In possession of this money, the director immediately invested US$10.5 million in the stock market, making a series of risky bets that did not work out – including one in a company that claimed to be in the final stages of developing an antiviral drug for covid-19. Rinsch lost $6 million in a matter of days.
Rinsch also allocated a whopping $4 million from the series budget to invest in the meme-inspired cryptocurrency Dogecoin. His gamble paid off handsomely, yielding a profit of $27 million.
What he did next was blow almost a third of that money ($8.5 million) on luxury items, including a watch worth more than $350,000, no less than six sports cars (five Rolls-Royces and a Ferrari ), as well as extravagant clothes and furniture.
As the financial drama unfolded, Netflix faced a dilemma. The series was bleeding money, and Rinsch’s actions raised alarms. The streaming mammoth had to make a tough call. Ultimately, they pulled the plug on Conquest, writing off the colossal losses. Rinsch, however, wasn’t ready to accept defeat.
Rinsch accused Netflix of breaching their contract and demanded $14 million in damages. The streaming giant vehemently denied these claims, setting the stage for a legal showdown. The courtroom drama now unfolds, with both parties fighting for their version of justice.
The tale of Conquest serves as a cautionary reminder for entertainment moguls. Creativity and financial prudence must walk hand in hand. While Rinsch’s crypto escapade captured headlines, it also left Netflix reeling. As the dust settles, the industry watches closely, wondering if this saga will reshape how studios approach risky projects.
In the end, whether it’s reel life or real life, the stakes remain high. And sometimes, even $55 million can’t guarantee a Hollywood ending.
