Director Rinsch uses Netflix money to invest in crypto and more: all the details

Crypto news: Netflix has provided considerable funding to Carl Erik Rinsch, noted director of “47 Ronin,” to produce a science fiction series. 

However, according to a report in the New York Times, Rinsch used the funding to conduct stock and cryptocurrency trading. 

The report indicates that Rinsch made significant profits from trading Dogecoin, later investing in luxury cars and designer goods. See below for all the details. 

From crypto to luxury cars: Rinsch’s investments shake up the Netflix world 

As anticipated, director Carl Erik Rinsch, known for the film “47 Ronin,” used millions of dollars provided by Netflix for his science fiction series to undertake transactions in the stock and crypto markets, according to a report in the New York Times.

Rinsch, 46, had obtained a $61.2 million production contract from Netflix for the series “Conquest” in November 2018. 

Although Netflix had already invested $44.3 million in the show by March 2020, Rinsch requested additional funds, threatening to halt production. 

Netflix agreed, adding another $11 million to his production company.

However, Rinsch used $10.5 million of this funding for trading operations, eventually losing $5.9 million. 

He then turned to the cryptocurrency market, making significant profits from his investment in Dogecoin, turning the $4 million into nearly $27 million.

The director then spent $8.7 million on luxury cars and designer items, including a Ferrari and five Rolls-Royces, as reported by the findings of a forensic accountant commissioned by Rinsch’s wife. 

Despite spending more than $55 million on the series, Netflix has yet to receive any episodes from Rinsch’s production.

The rift between Rinsch and Netflix: claims of damage

Netflix spokesman Thomas Cherian told the Times that the company canceled Rinsch’s series, believing it was clear that “Mr. Rinsch would never have completed the accepted project.” 

Based on what emerges, it appears that Rinsch chose not to answer the Times’ questions on the matter.

In addition, the Times reported that Rinsch and Netflix are involved in confidential arbitration, with Rinsch initiating the proceedings claiming that Netflix owed him at least $14 million in compensation for the alleged breach of contract.

Recall that Rinsch’s filmography includes only one film, the critical 2013 “47 Ronin,” starring Keanu Reeves, which was one of the most significant flops that year both in terms of reviews and box office.

Moisés Zamora, creator of ‘Selena’ for Netflix, converts to NFTs

After a long climb in the Hollywood film industry, Moisés Zamora finally achieved his milestone in 2020: the creation and co-presentation of “Selena: The Series” on Netflix, which reached 25 million households in its first four weeks. 

However, despite the success, Zamora discovered that financial security is not automatic in the entertainment world.

Since then, Zamora has redefined the concept of success in the industry, launching Videomart, an on-chain platform that allows users to launch their own films, create dedicated fan bases, and, through NFTs, get a larger share of the revenue generated. 

Convinced that focusing on a smaller audience of devoted fans is the key to success, Videomart has completed beta testing and will be publicly launched at the 2024 Sundance Film Festival. 

Specifically, it will present 35 films in its current state with plans to add another 400 titles in the coming months.

Zamora’s initiative is part of a growing ecosystem of blockchain startups seeking to revolutionize film production. 

Specifically, using emerging technologies such as NFTs to break down barriers to entry and connect filmmakers directly to their fan bases, offering alternatives to traditional financial and distribution paths controlled by Hollywood studios.