Netflix may release Narnia in Imax. Will he create a blockbuster?

When Netflix releases big movies, even ones that resemble Hollywood blockbusters, their approach is consistent: get people to watch them on the streaming service rather than in theaters.

When Netflix does show its films in theaters, it does so in a limited manner, primarily to generate buzz or win awards.

Could Netflix be ready to make a big exception?

The Los Gatos, Calif.-based streamer is in early talks with film technology supplier Imax Corp., according to people familiar with the matter but not authorized to comment. about bringing the upcoming adaptation of The Chronicles of Narnia to giant screens. . The much-awaited film is based on the popular novels by K.S. Lewis and directed by Barbie co-writer and director Greta Gerwig.

Negotiations between Netflix, Imax and Gerwig, who was a driving force on the matter, are preliminary at this stage, sources said. The deal may not go through. If the agreement is sealed, it will be Imax’s first deal to show a Netflix feature film in theaters.

The negotiations represent a potentially delicate balancing act for Netflix.

Netflix wants to work with the best filmmakers in the industry, and many of them, including The Irishman director Martin Scorsese, want to see their films shown on the big screen. But Netflix’s priority is its streaming service, which has nearly 283 million subscribers worldwide and generates billions of dollars in annual subscription revenue. Whenever Netflix executives are asked whether they will do more in theaters, the answer is the same: they love their streaming model.

Netflix and Imax declined to comment.

The discussions were previously reported by Bloomberg and Matthew Belloni of Puck News.

Some analysts and industry observers have been critical of Netflix’s film strategy over the years, arguing that its films struggle to fit into the cultural zeitgeist the way TV shows do. Some felt that Netflix left money on the table by only showing Glass Onion: The Mystery of Knives Out, the sequel to Rian Johnson’s hit detective story Knives Out, in just 700 theaters for a few days in 2022 before it became available to streaming. .

Traditional movie studios play their films in theaters for weeks, sometimes months, before making them available for home viewing. When big studio films are released early for digital consumption, they often cost $25 to rent.

It can also be difficult for a film to break through a streamer’s large library of content. The best Netflix movies of all time include the action film Red Notice, the dark comedy Don’t Look Up, and the sci-fi film The Adam Project. All the films were released two or three years ago. Recent hits on the platform include Jeremy Saulnier’s relatively low-budget thriller Rebel Ridge. Netflix also does well with the films it licenses from other studios, including Universal Pictures.

“They’re trying to catch up to movies, but they’re 100 years behind,” said Michael Pachter, an analyst at Wedbush Securities. “And they will never catch up.”

Although Netflix has won a significant number of awards for its films, it has yet to win an Oscar for Best Picture. She purchased and restored the Egyptian Theater in Hollywood from the American Cinematheque in an effort to win over moviegoers and filmmakers. Netflix also owns the Bay Theater in Pacific Palisades, where it screens its own films.

“Some of these films, in the context of Netflix’s massive bandwidth, seem like a drop in the ocean,” said Paul Dergarabedian, senior media analyst at Comscore. “When a movie plays in a theater, you’re not competing with unlimited hours of content, unlimited titles on a small screen that you can scroll through.”

Domestic theater revenues are down significantly from pre-COVID-19 levels. But in the past year, films like “Barbie,” “Oppenheimer” and the romantic comedy “Anyone But You” have seen significant gains in theaters as audiences continued to come through word of mouth and social media buzz. In the case of Barbie in particular, fans dressed in pink to see it in theaters, making it an event.

This year has seen a strong showing of family-friendly films, with animated films such as Inside Out 2 achieving box office success.

The Chronicles of Narnia fits into this genre as an epic story with Christian overtones about a magical world and the four siblings who discover it and rule as kings and queens. The last three Narnia films, released theatrically in 2005, 2008 and 2010 by Disney and 20th Century Fox, brought in $537.7 million domestically in the U.S. and Canada, according to Comscore, not adjusted for inflation.

“If you look at Narnia, the depth and breadth of the fantasy world that it inhabits, with that level of detail…to have that kind of imagery presented in Imax is huge,” Dergarabedian said. “For a film that is expected to be a visual extravaganza like Narnia, Imax is the perfect place to do it.”

If Netflix were to partner with Imax, it would bring Gerwig’s cinematic vision to screens that are highly coveted by filmmakers and studios. Imax has about 2,000 screens worldwide, with screens typically about 65 feet wide and 85 feet high. Its largest screens reach heights of over 125 feet. Imax specializes in “event” films, often in the adventure genre, which rely on huge screens.

Over time, Netflix has sought to increase interest in its shows and films through social media, consumer products and live streaming. The streamer hosted balls themed around the romance series “Bridgertons,” helping maintain excitement between seasons, and also held other fan events in support of shows like “Outer Banks.”

Netflix executives defended their film strategy. Co-CEO Ted Sarandos said in an earnings presentation earlier this month that the streamer’s top 10 films launching on Netflix have more than 100 million views.

“We want to continue to provide value to our consumers for their subscriptions,” Sarandos said. “We think not having to make them wait months to see the movie everyone is talking about adds to that value.”

The Chronicles of Narnia is set to become one of the top films on Netflix’s slate after Dan Lin was named as the project’s new helmer earlier this year. Lin took over the position from Scott Stuber, who left in January to start his own company. It was Stuber who pushed Netflix executives to pursue theatrical releases for major films. Lean, who has produced films such as It and The Lego Movie, is no evangelist of the theatrical model.

Under Lin, Netflix has restructured its film division, grouping it by genre rather than by budget.