What's Happening?
Netflix is conducting a competitive selection process to choose a production company for a reality series based on the iconic board game Monopoly. This process, known as a 'bake-off,' involves around 40 companies vying for the opportunity to produce the series. Netflix acquired the rights from Hasbro Entertainment earlier this year. Jeff Gaspin, head of unscripted content at Netflix, was inspired by the success of the mobile game Monopoly Go!, which has seen over 150 million downloads and generated significant revenue. The selection process is designed to be broad, allowing many companies to participate, with the aim of creating a large-scale series similar to Netflix's hits like Love Is Blind and Squid Game: The Challenge.
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Why It's Important?
The development of a Monopoly reality series by Netflix highlights the streaming giant's strategy to expand its unscripted content offerings. This move could attract a diverse audience interested in game-based reality shows, potentially boosting Netflix's subscriber base. The competitive nature of the selection process also reflects Netflix's commitment to innovation and quality in its programming. By involving numerous production companies, Netflix is fostering creativity and providing opportunities for smaller companies to showcase their ideas, which could lead to new partnerships and content development in the future.
What's Next?
Netflix plans to narrow down the participating companies to around 15, who will then present their ideas in pitch meetings. The final decision will either result in a single winner or a few companies being chosen to further develop their concepts. This iterative process may take some time, but it is expected to yield a creative and engaging reality series. The outcome could set a precedent for how Netflix approaches future unscripted series development, potentially influencing industry standards for competitive content selection.
