Posted 11/25/2023, 1:20:33 PM
Netflix Seeks Arbitration After Filmmaker Gambles Away Series Budget on Cryptocurrency
- Filmmaker Carl Erik Rinsch landed an 8-figure Netflix deal for a sci-fi series, but failed to deliver any episodes
- Rinsch spent over $4 million of the budget gambling on the meme cryptocurrency Dogecoin
- When Dogecoin's value skyrocketed, Rinsch made over $20 million in profits
- Netflix seeks to recover its losses through arbitration, alleging Rinsch breached their contract
- The clash highlights pressures on Hollywood studios to control costs and focus on profitability amid streaming wars