Netflix cancels He-Man movie after casting lead, spending $30 million

Over the past few years, Netflix has quietly gone all in the He-Man cinematic. It has two animated He-Man series: He-Man And The Masters Of The Universe and Masters of the Universe: Revelation. It was also gearing up for a lavish live-action movie, with actor Kyle Allen in the titular role of He-Man, a musclebound hero who fights a jackass skeleton man in a far-off fantasy realm.

Netflix also hired directing duo Adam and Aaron Nee to helm the project, but it was not to be. Variety reports that after spending $30 on development, Netflix has passed on the project.

Although sources differ, most seem to agree that it came down to budget. The Nees initially wanted to make the movie for $200 million, which does seem like a lot given that it won’t make a dime from playing in a theater. Netflix may originally have been willing to pay that price — it’s paid similar amounts for original movies like The Grey Man and Red Notice — but it had second thoughts after its stock price dropped precipitously in 2022 following the news that the streamer had lost subscribers for the first time in its history.

So Netflix countered with $150 million, the producers on He-Man suggested $180, talks stalled, cameras never rolled, and now Netflix has released the movie back into the wild. It’s hard for me to believe that you couldn’t make a convincing movie about a muscly sword man for $150 million, but what do I know?

With falling subscriber numbers and both actors and writers on strike, He-Man was the least of Netflix’s worries

I’ll say again that sources differ on whether the above back-and-forth is what did in the He-Man movie, but it’s certainly a plausible explanation. The problems with the film underline some of the issues studios are currently having with Hollywood writers and actors, who are all on strike at the moment. A big part of what they want is a greater share of streaming residuals. The studios claim they don’t have the money to go around, and if they’re spending hundreds of millions of dollars on projects that don’t inspire any more people to sign up, maybe it’s partly true? (Also, CEO Ted Sarandos could probably stand to make less than $40 million a year. I’m sure he’d survive somehow.)

The point is that when it comes to money, Hollywood is dealing with some thorny issues right now. Hopefully the strikes will offer an opportunity to work some of them out and come up with an arrangement that works for everyone.

As for the He-Man movie, it’s technically still alive, just being shopped around to other studios. Producers hope that the inevitable success of Barbie, another movie based on a Mattel toy, will make it a more appetizing prospect.

To stay up to date on everything fantasy, science fiction, and WiC, follow our all-encompassing Facebook page and sign up for our exclusive newsletter.

Get HBO, Starz, Showtime and MORE for FREE with a no-risk, 7-day free trial of Amazon Channels

h/t The A.V. Club