With major streaming services offering nine-figure deals to lock in some of the top creative talents in Hollywood, will that mean high-impact showrunners, looking to capitalize on the success of their projects, will abandon services with smaller subscription bases?
That’s the question many are asking Tyler Perry, the esteemed writer, producer, director, and actor whose portfolio of hit shows may be exiting his situation when his deal is up and looking for a sweeter deal someplace else such as Netflix, Business Insider reports.
In 2019, Tyler Perry signed a deal with Viacom — now Paramount Global — for a reported $150 million per year. While all of the terms of this deal — which reportedly runs through 2024 — are not public, Perry agreed to create new titles for the service (both film and television) and acquired a 25 percent equity stake in BET+, where the programming would also live.
His current deal only allows him access to 1.5 million subscribers with BET+ and 40 million with Paramount +, however, the quarter equity stake makes it a hard deal to abandon.
Over the past three years, since the agreement was inked, the “Madea” creator and BET have experienced monumental success. Last year, the two top cable series for Black audiences, “Sistas” and “The Oval,” were created by Perry. Currently, through his production company Tyler Perry Entertainment, he has seven shows on the air, making his content valuable assets in the Paramount Global universe.
The billionaire’s work ethic is undeniable and inspiring.
After starting his career producing live theater in the 1990s with his popular “Madea” character at the core of each project’s book, he used the character to break into feature films and television. To date, considering the past three decades of nonstop grind, the “Madea” franchise has grossed more than $660 million for the content creator, according to Forbes.
Perry has also shown his business astuteness: he owns 100 percent of his work.
Part of that savvy is the decision to open Tyler Perry Studios, a 330-acre property in Atlanta with 12 sound stages and custom sets that include a to-scale White House.
The shows on BET are filmed at TPS, however, not all of his shows filmed at TPS aired on BET.
“A Madea Homecoming” (2022) and “A Fall From Grace” (2020) were streamed on Netflix, a move that has many people thinking he might find a home in a cozy spot next to Shonda Rhimes, who did a nine-figure deal with the No. 1 on-demand streaming service.
Business Insider reports its sources say Perry is exploring options.
BET+ had 1.5 million subscribers as of February 2021, and Paramount+ is among the smaller of the major streamers with just under 40 million paying members — though Perry’s equity stake in BET+ could complicate a move elsewhere.