Netflix cancels Masters of the Universe movie despite already spending $30 million

The Masters of the Universe movie is officially dead at Netflix, despite the streamer reportedly already spending over $30 million on developing it. 

Based on the He-Man and other Mattel toys, the live-action movie has been in the works at Netflix since 2019, after landing there from other distributors. However, according to Variety, it’s no longer happening, adding another delay to the long-awaited adaptation. The issue, the publication reports, was over budget concerns.

The huge costs spent already seem to be mainly down to development and keeping hold of talent. When the movie moved to Netflix, it already had The Lost City directors Adam and Aaron Nee attached, as well as lead actor Kyle Allen, previously known for West Side Story and American Horror Story.

The Masters of the Universe live-action reboot movie has been in the works for quite some time, beginning as far back as 2007. At various times it was attached to Warner Bros. and Sony with several writers involved along the way.

Mattel is reportedly looking for a new home for the movie already, and it’s clearly an important IP for the company with CEO Ynon Kreiz recently comparing it to "Marvel and DC". He told The New Yorker: "It’s hundreds of pages of characters and sorcerers and vehicles and weaponry – you name it. And then you flip through the pages, and here’s a movie, and here’s a movie, and here’s a TV show. It’s endless!"

It may be a while yet, though, before we see the blonde-haired superhero grace our screens. But while we wait, check out some of our dream casting picks for when we finally see the characters in live-action again. 

For what else you can stream now, here are our guides to the best Netflix movies and the best Netflix shows.