Netflix, the world’s biggest streaming service, the company that got more than 10 million new subscribers in the first quarter of 2019, signed a new agreement with Beyonce valued at $60 million that will cover three projects.
According to sources quoted by Variety Magazine, the first project is “Homecoming”, a documentary about Beyonce’s appearance at the Coachella festival in 2018, which was premiered on April 17.
The costs of the project, for which Beyonce is also the executive producer, writer and director, was approximately $20 million.
Vulture reported that HBO was also interested in the project after the network launched the “Lemonade” movie in 2016, “On the Run Tour” and “Life is But a Dream” documentary however Netflix made a better financial offer.
Netflix and Beyonce have not commented on the new deal so far. With the premiere of “Homecoming” this month, Beyonce also released a live album with 40 songs.