The performance of Glass Onion in a small number of theaters on its short cinema run may seem like a catalyst for Netflix to consider more lengthy theatrical runs for their movies in future. However, Netflix CEO Reed Hastings has debunked any thoughts that the streamer could be about to become a big driving force in the world of cinema releases. As reported by Deadline, while appearing at the New York Times DealBook conference in New York, Hastings didn’t deny that there was a lot of money that could have been made by extending Glass Onion’s release, but is not about to make a big thing of it. He commented:
“It’s a promotional tactic for the streaming service. We are not trying to build a theatrical business.”
Netflix has been releasing more and more of its exclusive movies in a small number of cinemas weeks before the film hits the streamer’s platform. While Glass Onion managed to pull in enough during its theatrical release in around just 600 venues to log a third place spot in the weekend’s domestic grosses with around $15 million collected. However, as Hastings said, there are now many people who have already seen the movie and shared their praise for the Knives Out sequel to make many more want to see the film when it drops on Netflix.
Will Netflix’s Hybrid Release Plan Help or Hinder The Industry?
In the last two years, there have been many conflicting opinions about the longevity of cinemas in the long-term future. With streaming platforms like Apple TV+, Prime Video, Disney+, and Netflix all putting out big-budget movies directly into the homes of audiences around the world, is there still a need for people to venture out and pay an increasing cost to watch movies on a big screen?
At the start of the Covid pandemic, there were many reports of the death of cinema. This was given a certain amount of gravitas as more and more chains closed their doors during lockdown, many of which have still not reopened. However, the demise of the cinematic experience may have been slightly exaggerated, as with the right movie, cinemas can still pull in a big audience. Over the last year, Spider-Man: Now Way Home, Top Gun: Maverick and more have delivered big box office results that have matched and surpassed pre-Covid results.
That said, there have also been a large number of movies that have failed to ignite interest for various reasons. Most recently, Disney has suffered a crushing box office defeat with the release of their new animated movie, Strange World. Having made only around 15% of its budget back in its opening weekend, the film is heading for a huge loss, but could well be redeemed when it arrives on Disney+ in just a month’s time. This kind of short window between theatrical and streaming releases can clearly work both ways, and not everyone looks at it in the same way as Netflix’s CEO. How this will evolve in the coming years is yet to be seen, but one thing certain is that Netflix will not be building on its relationship with theatrical exhibitors in the near future.