Netflix may explore a theatrical window after all, with Bloomberg breaking news this week that the streamer was in discussion with IMAX on an exclusive theatrical run for Greta Gerwig’s THE CHRONICLES OF NARNIA. Having more than 2,000 screens worldwide, a run at IMAX locations would be Netflix’s largest theatrical release in history. Neither IMAX nor Netflix commented on Bloomberg’s report, and a definitive deal has not yet been finalized.
Netflix has been infamously resistant to playing their films in theatres, with CEO Ted Sarandos maintaining that the theatrical model is “inefficient” and does not contribute in a meaningful way to Netflix’s “subscription streaming” business model. While the company is riding high after reporting record Q3 earnings, their nearly exclusive focus on the small screen has created some challenges to convincing top talent to work with Netflix on their major new projects.
For example, last week it was reported that Netflix lost out to Warner Bros. in their bid to make the film adaptation of WUTHERING HEIGHTS, a highly sought-after project in Hollywood. It has been rumored that Netflix may have leaked word of their current talks with IMAX to send a message to creatives that the company is willing to soften its stance on theatrical releasing for certain projects.
This news also serves IMAX, as their Q3 earnings release this week showed a slight downturn in both revenue and profits from last year. The company attributed much of the 32% year-over-year decline to the difficulty in matching last year’s record-breaking run of Christopher Nolan’s OPPENHEIMER.
However, the price of IMAX shares increased slightly from optimism over new installations of IMAX technology, and a positive outlook for the slate of new movies scheduled for 2025. News of a potential exclusive partnership with Netflix also helped Netflix set itself apart from its exhibitor competitors.