It seems like “straight to video” has now become “straight to Netflix”.

As was rumored about a couple of weeks ago, the Masters Of The Universe movie that has been in development for who knows how many years anymore, is officially going to be a Netflix film.

Sony, which owns the film rights, sold the production to the streamer which will now take over its development. The studio appears to of not had much faith in the film’s ability to make money at the box office and sold the property for a guaranteed profit instead of gambling on it theatrically themselves.

Last year Sony also tried to unload Will Ferrell’s Holmes & Watson to them before it failed in theaters.

The budget for Masters Of The Universe while with Sony was rumored to be $130 million. No word yet if a non-theatrical release means Netflix will spend less money on it.

A reduced budget may not be a problem since the Nee Brothers, who made 2006’s well-received The Last Romantic for only $20,000, are going to be directing it.

Still on board to star as He-Man is Noah Centineo and David Goyer’s production company will be producing it. Goyer wrote an early draft of the film.

Netflix is already home to the current animated Masters Of The Universe franchise, so it’s a pretty natural fit for the live-action version to now be playing there.

The way they measure success if much lower than the rest of Hollywood, so if you’re a He-Man fan this may be the best way to finally get the property turned into an ongoing film franchise.

If this does well for Netflix then you know it’s only a matter of time before She-Ra gets the live-action treatment and we get a Masters Of The Universe shared universe.