Netflix Lost $49 Million Following Kevin Spacey Scandal
Published Jan 23, 2018Kevin Spacey's myriad sexual misconduct allegations have apparently cost Netflix a whopping $49 million CDN ($39 million USD).
The company did not name Spacey specifically, but a source close to the matter told Reuters the loss was related to Spacey's projects. Netflix's chief financial officer David Wells did confirm, however, the loss was "related to the societal reset around sexual harassment."
The reveal was made when Netflix announced its fourth-quarter earnings this week.
Following the multiple allegations against Spacey, Netflix was forced to temporarily stop production on House of Cards, eventually writing out his character completely. The company also scrapped plans to release the film Gore, which starred Spacey.
Along with Netflix severing ties with Spacey, it was also forced to pull the plug on a stand-up special from Louis C.K., who also was hit with multiple sexual misconduct claims in November.
Despite the losses, Netflix announced that it had signed up 8.33 million new streaming customers in the last quarter of 2017 — a number that was two million more than was originally anticipated.