Netflix is acquiring the animation studio behind The Lego Movie

Sharanya Sinha
Sharanya Sinha July 20, 2022
Updated 2022/08/05 at 12:27 PM

While most of the attention surrounding Netflix during yesterday’s earnings call focused on the larger-than-expected number of subscribers (it only lost about 1 million worldwide), the streaming service also made important news about its ability to have its own local production. .Netflix announced Tuesday that it plans to acquire Animal Logic, the animation studio behind hits like The Lego Movie and Happy Feet. This is a continuation of the previous relationship between the two companies, who previously worked together on the Netflix exclusives Glass and The Sea Beast.

The move, which is expected to close later this year, gives Netflix more ownership of its catalog, which critics of the brand say is weak compared to other streaming houses such as Disney+ or HBO Max. Netflix and Animal Logic are currently collaborating on two animated films, The Wizarding Elephant (released in 2023) and Shrinking the Horn, director Ron Howard’s first feature-length animated film.This animation studio will continue cooperate with the studio’s old partners. “After 30 years of creating great work with great people, this is a great next chapter for Animal Logic,” said Jar Nalbandian, co-founder and CEO of Animal Logic. Our combined experience and talent opens new doors for all our teams and foster new levels of creativity in animation.

Analysts praised the deal. Wedbush’s Michael Butcher, a longtime Netflix bear who recently raised his stake, called it a smart move. He wrote in a note to investors: “We expect Netflix to continue to save content, but it has become smarter by saving its content, especially since it still to the main content and away from the change of licensing. He does.” “In 2022, Netflix is ​​expected to spend $ 17 billion this year, while still for purchases that increase the purposes of the content (whether it justifies or not -more costs do not justify the game, but it is certainly an animated studio). ”

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