Movies

Netflix might put Greta Gerwig’s ‘Narnia’ in Imax theaters. Will it create a streaming blockbuster?

BBG News

Netflix might put Greta Gerwig's 'Narnia' in Imax theaters. Will it create a streaming blockbuster?

As a cinephile with a lifelong passion for movies and a keen eye for quality storytelling, I find myself intrigued by Netflix’s potential collaboration with Imax Corp. for the adaptation of “The Chronicles of Narnia.

Whenever Netflix launches major films, ones reminiscent of box-office hits from Hollywood, their strategy remains unchanged: Encourage viewers to stream these movies on their platform rather than visiting cinemas.

When Netflix releases its movies in cinemas, it’s usually done on a small scale, mainly to generate interest or contend for awards recognition.

Could Netflix be poised to make a big exception?

A California-based streaming service located in Los Gatos is reportedly in preliminary discussions with Imax Corp., a cinema technology company, about potentially showing their upcoming adaptation of “The Chronicles of Narnia” on its large screens. This much-anticipated film, based on the beloved C.S. Lewis novels and helmed by Greta Gerwig, who co-wrote and directed “Barbie”, is said to be in the works.

At the moment, talks among Netflix, Imax, and Greta Gerwig (a key figure in this matter) are still exploratory. It’s possible that no contract will be signed. If, however, an accord is reached, it would mark a first for Imax – a deal for a theatrical release window of a Netflix feature film.

The talks represent a potentially delicate balancing act for Netflix.

Netflix values collaborating with top-tier filmmakers, and many renowned directors, such as Martin Scorsese (director of “The Irishman”), share this preference for showcasing their films on large cinema screens. However, Netflix’s primary focus is its streaming platform, boasting over 283 million subscribers worldwide and earning billions in annual subscription income. When asked if they plan to expand into theaters, Netflix officials consistently express satisfaction with their streaming-centric approach.

Netflix and Imax declined to comment.

The discussions were earlier reported by Bloomberg and Puck News’ Matthew Belloni.

Over the years, I’ve noticed that some experts and onlookers within the industry have been less than thrilled with Netflix’s movie strategy, claiming that its films haven’t quite managed to penetrate the cultural consciousness as deeply as their TV series have. Some of these critics believe that Netflix missed an opportunity for additional profits by limiting the cinema release of “Glass Onion: A Knives Out Mystery,” Rian Johnson’s follow-up to his successful whodunit “Knives Out,” to only 700 theaters for a brief spell in 2022 before it was made available for streaming.

In contrast to the old practice of keeping films in cinemas for extended periods before they become accessible for home viewing, large film studios frequently make their new releases available earlier for digital streaming at around $25 as a rental.

Additionally, it’s challenging for a film to stand out amidst the vast collection of content on streaming platforms like Netflix. Some of its most popular films include “Red Notice,” a high-octane action movie, “Don’t Look Up,” a dark comedy, and “The Adam Project,” a sci-fi film – all released within the past two to three years. More recent successes on the platform include “Rebel Ridge,” a lower-budget thriller directed by Jeremy Saulnier. Netflix also excels at licensing movies from other studios, such as Universal Pictures.

Michael Pachter, a research analyst from Wedbush Securities, commented that the company is struggling to compete with movies and currently lags 100 years behind. He believes that they will never manage to close this gap.

Although Netflix has garnered numerous awards for its films, it hasn’t yet taken home an Academy Award for Best Picture. In a bid to impress film enthusiasts and creators, Netflix purchased and refurbished the Egyptian Theatre in Hollywood from the American Cinematheque. Additionally, Netflix owns the Bay Theater in Pacific Palisades, where they showcase their own productions.

In simpler terms, Paul Dergarabedian, a senior media analyst at Comscore, stated that on Netflix’s vast platform, a film is like a single drop in the ocean. This is because when a movie is shown in a theater, it doesn’t face competition from an endless amount of content or numerous titles that can be easily accessed and scrolled through on a small screen.

Current box office earnings for domestic theaters have dropped substantially compared to before the COVID-19 pandemic. However, films such as “Barbie”, “Oppenheimer”, and the romantic comedy “Anyone but You” saw a notable increase in ticket sales last year due to positive word-of-mouth and social media buzz. Notably, “Barbie” drew large crowds of fans dressed in pink, turning it into a special event.

2021 has been particularly impressive for films suitable for all ages, as evidenced by the financial triumphs of animated productions like “Inside Out 2” at the cinema.

The Chronicles of Narnia” falls under the category of an epic story, intertwined with Christian themes, that revolves around a mystical realm and the four siblings who come to govern it as monarchs. The final trilogy of movies based on this series, produced by Disney and 20th Century Fox in 2005, 2008, and 2010, collectively grossed approximately $537.7 million in North America, according to Comscore’s unadjusted earnings data.

Dergarabedian noted that the richness and expansiveness of the fantasy realm in Narnia is remarkable, with such intricate details and vivid imagery. He suggested that showing this on an IMAX screen would be incredibly impactful because, given the expectation of a visually stunning film like Narnia, IMAX is the ideal platform for such a spectacular visual experience.

Partnering with Imax could give Netflix a chance to showcase Greta Gerwig’s cinematic masterpieces on screens that are highly sought after by filmmakers and studios worldwide. Imax boasts around 2,000 screens across the globe, with most of them being approximately 65 feet wide and 85 feet tall. Their largest screens even exceed 125 feet in height. Imax is renowned for its focus on “event” movies, particularly those falling under the action-adventure genre, which greatly benefit from the expansive screen space provided by Imax.

Gradually, Netflix has aimed to generate buzz for its TV shows and films by leveraging social media, merchandise, and live broadcasts. For instance, it organized “Bridgerton” themed balls to keep interest alive between seasons, and also hosted fan gatherings for series like “Outer Banks.

Netflix leaders have stood by their film approach, with Co-CEO Ted Sarandos stating during a recent earnings call that the platform’s most-watched movies garner over 100 million views upon release.

Ted Sarandos expressed that our aim is to continuously enhance the worth of our subscribers for each dollar they spend on their subscription. He believes that avoiding long wait times to watch a movie that’s generating buzz significantly contributes to this value.

Dan Lin, the new film chief at Netflix, has been announced as one of the key figures responsible for upcoming movies on Netflix’s platform. Previously, Scott Stuber held this position, but he departed in January to establish his own company. Unlike Stuber, who advocated for theatrical releases of significant films, Lin is not a strong proponent of this model. He has produced films such as ‘It’ and ‘The Lego Movie’ in the past.

Under Lin’s leadership, Netflix organized its film division based on genres rather than the budget size of each production.

Read More

2024-10-30 00:03

Previous post “Cancelled” Marvel project going ahead after all; new script reportedly in works