Will Greta Gerwig’s ‘Narnia’ on Netflix Become the Next IMAX Streaming Sensation? Find Out!

Netflix is known for its strategy of releasing major films, even those comparable to big budget Hollywood productions, primarily on its streaming platform rather than in movie theaters.

Occasionally, Netflix does release its movies in theaters, but this is usually done on a small scale, mainly to generate hype or to qualify for awards.

However, could there be a significant change in Netflix’s approach on the horizon?

According to sources who wish to remain anonymous, Netflix, which is based in Los Gatos, California, is in preliminary negotiations with Imax Corp., a cinema technology provider, about screening its upcoming adaptation of “The Chronicles of Narnia” in Imax theaters. The eagerly awaited film, based on the beloved books by C.S. Lewis, is being directed by Greta Gerwig, who also co-wrote and directed “Barbie”.

The talks between Netflix, Imax and Gerwig are at an early stage and there’s no guarantee that a deal will be reached. However, if an agreement is made, it will be the first time Imax has partnered with Netflix for a cinema release.

This potential partnership represents a challenging balancing act for Netflix.

Netflix aims to work with the best filmmakers in the industry, many of whom, including “The Irishman” director, Martin Scorsese, prefer their films to be shown on the big screen. However, Netflix’s main focus is its streaming service, which boasts nearly 283 million subscribers worldwide and generates billions in annual subscription revenue. When questioned about potential increased cinema releases, Netflix executives consistently reiterate their preference for a streaming-first model.

Netflix and Imax have declined to comment on the matter.

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

Over the years, some analysts and industry insiders have criticized Netflix’s approach to movie releases, arguing that its films rarely make a cultural impact in the same way its television shows do. Some believe that Netflix missed out on potential revenue by only showing “Glass Onion: A Knives Out Mystery,” Rian Johnson’s sequel to the popular mystery “Knives Out,” in a limited number of theaters for a short period in 2022 before it was made available for streaming.

Unlike Netflix, traditional movie studios usually release their films in theaters for several weeks or even months before they become available for home viewing. When big studio films are released early for digital viewing, they are often available as a $25 rental.

Furthermore, it can be difficult for a film to stand out amongst the vast library of content available on Netflix. The most popular films on Netflix to date are the action film “Red Notice”, dark comedy “Don’t Look Up” and science fiction movie “The Adam Project”. These films were all released two to three years ago. Recent popular releases on the platform include Jeremy Saulnier’s “Rebel Ridge,” a relatively low-budget thriller. Netflix also licenses successful films from other studios, including Universal Pictures.

Research analyst at Wedbush Securities, Michael Pachter, noted, “They’re trying to play catch-up with movies, and they’re 100 years behind. And they’re never going to catch up.”

Despite winning a significant number of awards for its films, Netflix has yet to win an Academy Award for best picture. In an attempt to appeal to film enthusiasts and filmmakers, Netflix purchased and renovated the Egyptian Theatre in Hollywood from the American Cinematheque. Netflix also owns the Bay Theater in Pacific Palisades, where it screens its own movies.

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

Domestic box office revenues are significantly lower than pre-COVID-19 levels. However, last year films like “Barbie,” “Oppenheimer” and romantic comedy “Anyone but You” saw an increase in theater audiences, driven by positive word-of-mouth and social media buzz. Especially with “Barbie,” fans dressed in pink to see it in theaters, making it an event.

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

“The Chronicles of Narnia” fits into this category as an epic tale with Christian undertones about a magical world and the four siblings who discover and rule it as kings and queens. The previous three Narnia films, released theatrically in 2005, 2008 and 2010 by Disney and 20th Century Fox, made $537.7 million in the domestic U.S. and Canada market, according to non-inflation-adjusted data from Comscore.

“If you look at Narnia, the depth and breadth of the fantasy world that it inhabits — having that level of detail … having that imagery presented in Imax is huge,” Dergarabedian said. “For a movie that is expected to be a visual extravaganza, such as Narnia would present, Imax is a perfect home for that.”

If Netflix were to partner with Imax, it would put Gerwig’s cinematic vision on screens highly coveted by filmmakers and studios. Imax has roughly 2,000 screens globally, with screens typically about 65 feet wide and 85 feet tall. Its biggest screens stretch to more than 125 feet tall. Imax specializes in “event” movies, often in the action-adventure genre that benefits from huge screens.

Over time, Netflix has sought to build excitement for its shows and movies through social media, consumer products and its live programming. The streamer has hosted balls themed around its romantic series “Bridgerton,” helping sustain excitement in between seasons, and has hosted other fan events to support shows like “Outer Banks.”

Netflix executives have defended its movie strategy. Co-Chief Executive Ted Sarandos said in an earnings presentation earlier this month that the streamer’s top 10 films that launch on Netflix have more than 100 million views.

“It’s our desire to keep adding value to our consumers for their subscription dollar,” Sarandos said. “We believe that not making them wait for months to watch the movie that everyone’s talking about adds that value.”

“The Chronicles of Narnia” will be one of the major movies on Netflix’s slate after naming Dan Lin as its new film chief earlier this year. Lin took over the position from Scott Stuber, who left in January to start his own company. It was Stuber who had pushed Netflix executives for theatrical releases of major films. Lin, who produced films including “It” and “The Lego Movie,” is not an evangelist for the theatrical model.

Under Lin, Netflix restructured its movie department to be grouped under genres instead of by size of budget.