Netflix reports box office results for first time with ‘La Bola Negra
Netflix reported box office results for the first time in its history this weekend as the Los Gatos-based streaming giant released the queer drama “La Bola Negra” in U.S. theaters, bringing in $277,500 in limited release across four locations in Los Angeles and New York.
Spanish Film Earns Second-Highest per-Screen Average
The Spanish-language film pulled in $277,500 on a reported production budget of $15 million to $17 million. That figure translated to a per-screen average of about $69,375, marking the second-highest per-screen average for a non-English language film. Netflix acquired the U.S. rights to the picture at Cannes for approximately $5 million. Following the initial four-theater run, the company plans to expand distribution to as many as 300 theaters nationwide in the coming weeks. The feature opened in Spain in late September and is scheduled to debut on the Netflix streaming platform on Dec. 2. “La Bola Negra” secured six audience awards on the festival circuit and serves as Spain’s official entry for the Academy Awards.
Netflix Cuts 1,000 Jobs During Corporate Restructuring
The domestic theatrical rollout coincides with a period of corporate restructuring at Netflix. The company cut 6% of its workforce last week, eliminating about 1,000 jobs in what is the largest round of layoffs in company history. The cuts affected high-ranking executives, including Chief Content Officer Bela Bajaria. Former Disney executive Peter Rice replaced Bajaria following the departure. The workforce reduction arrives as Netflix’s stock price has tumbled, placing pressure from shareholders on executives to increase platform engagement and generate a higher volume of hit films and television series.
Competitive Weekend Box Office
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