Netflix shares are lower in the US Thursday, a day after the TV streaming service said it has a greed a deal to develop new series and films based on the famous Chronicles of Narnia stories. This is the first time the rights to all seven books in the series have been held by a single company.
By 1555 BST, Netflix shares were 2.21% lower at $368.72. The stock has been moving broadly higher in recent weeks.
Netflix Narnia deal
Netflix announced the news Wednesday and said it had agreed the multi-year deal with The C.S. Lewis Company. Details include that all the series and films produced through the deal, must be:
- Netflix productions.
- Produced with Mark Gordon of Entertainment One (eOne).
- Douglas Gresham and Vincent Sieber to serve as the executive producers for series and any films.
“C.S. Lewis’ beloved Chronicles of Narnia stories have resonated with generations of readers around the world,” said Ted Sarandos, Chief Content Officer of Netflix. “Families have fallen in love with characters like Aslan and the entire world of Narnia, and we’re thrilled to be their home for years to come.”
C.S. Lewis’ stepson, Douglas Gresham, meanwhile, said that Netflix seemed the perfect fit for this deal.
“Netflix seems to be the very best medium with which to achieve this aim, and I am looking forward to working with them towards this goal,” Gresham said.
Netflix is the world’s biggest data hog
Separately, a data report highlights Netflix as the biggest single user of data, consuming 15% of all global internet traffic, according to a report by Sandvine.
In addition, during peak net usage times, Netflix can sometimes account for 40% of all internet download traffic in the US, the research showed.
The research also showed that video make sup almost 58% of downstream internet traffic, while Google applications make up over 40% of total internet connections in the Asia pacific region.