Netflix is very much against the movie theater exhibition model. Their business is built on the idea that movies are best enjoyed at home, and they have done everything in their power to stress that belief over all their years of dominance in the streaming landscape. There is not an enormous incentive for Netflix to look towards movie theaters as part of their marketing or release model.
But it’s all a big lie because Netflix knows how much movie theaters matter. That’s probably why they are starting to open up with movie theater exhibition, especially after the weekend they just had after deciding to release their exclusive movie, KPop Demon Hunters, in theaters. But, their response to the success also speaks volumes about how wrong they know they are.
Netflix Wins The Box Office But Stays Quiet
Netflix does not report their box office numbers but sources in the business are easily putting the sing-along release of KPop Demon Hunters in the #1 spot for the weekend with estimates anywhere between $18-20 million for the final take. Normally, you would see a studio celebrate this and shout from the rafters, but Netflix is maintaining their stone silence as of this writing.
It speaks to how Netflix knows they can’t do anything to give the spotlight to an exhibition model that acts as their competition. In reality, a healthy and open relationship between Netflix and movie theaters can clearly benefit both parties. Unfortunately, Netflix does not seem to be too motivated to foster such a relationship. But maybe, KPop Demon Hunters can change all that.
A New Model
Netflix does distribute movies in theaters but it is often in very limited release and only in an attempt to qualify for awards. KPop Demon Hunters is a unique instance where the movie had been on Netflix for quite a while and topping the streamer’s charts. So, they decided to release a sing-along version for a limited release weekend and ended up topping the box office. Could this end up as a new model for Netflix and their approach to movie theater exhibition?
If a movie does well on Netflix, announcing a special “one weekend only” release for it in movie theaters could be a way to capitalize on its success. For example, Netflix is giving a limited release to Guillermo del Toro’s Frankenstein before it ends up in their streaming library. I would love to see Frankenstein in a movie theater but it likely won’t have a release near me. Instead, would it be better for Netflix to release Frankenstein on streaming first and push it as hard as they can, then release it in theaters for folks who already enjoyed it but would love to see it on the big screen?
I don’t have an answer except that people want to see big movies in movie theaters, even if they are available at home. Jurassic World: Rebirth took in $2.1 million this weekend at the box office and it’s available to rent or buy at home. If Netflix was smart, they’d start accepting this truth and taking advantage of it instead of pretending movie theaters don’t matter that much.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.yahoo.com ’
