“Netflix started this,” Emanuel noted. In the movie business, “about 10% of the movies that went out [theatrically] hit the talent’s back end, meaning the profit participation.” Once Netflix bought out talents’ back end, “the pie was no longer 10%. It was 100%.”
When Warner Bros put its entire 2021 release slate on HBO Max at the same time it debuted in theaters, WarnerMedia paid out $200 million in back end, Emanuel said.
Through Endeavor’s WME agency division, “we negotiated those deals throughout the process,