In 2018, Netflix acquired a competing deal for the production of a science fiction series called “Conquest.” However, what seemed to be a promising project soon turned into a headache for the streaming giant.
According to the New York Times, Netflix invested more than $55 million in the series, directed by Carl Erik Rinsch, but did not receive a single finished episode.
Netflix won a competitive deal in 2018 for a sci-fi series called “Conquest” — and would soon come to regret it. Netflix burned more than $55 million on the director Carl Erik Rinsch's show but never received a single finished episode. https://t.co/c2JUl52fkS
— The New York Times (@nytimes) November 23, 2023
The director, Carl Erik Rinsch, was the center of the controversy. Rinsch reportedly diverted some of the initial $55 million budget earmarked for the “Conquest” series to make personal investments.
It used $10.5 million of the additional $11 million budget requested for the series on stocks and cryptocurrencies, specifically Dogecoin (DOGE) and several stock market stocks.
Rinsch’s investments resulted in a financial roller coaster. Despite losing nearly $6 million on the stock market in just a few weeks, he transferred more than $4 million to the cryptocurrency platform Kraken.
There, he invested that entire sum in Dogecoin, achieving an astonishing return of approximately $27 million
The situation became even more complicated when Rinsch withdrew these profits in May 2021. Alleging that Netflix was responsible for part of this financial success, the director filed a lawsuit against the company.
Rinsch claimed that Netflix owed him $14 million in compensation for profits made through his personal investment with funds originally intended for the series.
Netflix, for its part, flatly denied any debt to Rinsch. The case went to trial in early November, in hopes of resolving the legal dispute.
This story sheds light on the financial problems and legal disputes arising from the director’s personal investment in the production budget of a renowned series.
The outcome of this case, with significant financial and contractual implications, is awaited with great interest in the entertainment industry.
The final verdict, which could have significant consequences for both Rinsch and Netflix, is pending and is expected to be resolved in the near future.
