Ryan | Nov 24, 2020 | 0
Netflix gets revolutionary deal with Crouching Tiger sequel release rights
Netflix has changed the Hollywood game by obtaining co-release rights for the “Crouching Tiger Hidden Dragon” sequel.
Netflix was able to reach a deal with The Weinstein Co. to obtain same day release rights for “Crouching Tiger, Hidden Dragon: The Green Legend” which is the official sequel to “Crouching Tiger Hidden Dragon.” The film is set to release on August 28, 2015 and will be released in IMAX theaters and Netflix on that same day.
In a dramatic rebuke of the traditional theatrical release, Netflix and The Weinstein Co. have signed a deal to release the sequel to Ang Lee’s Crouching Tiger, Hidden Dragon simultaneously on Netflix and in select Imax theaters around the world.
If the debut of one feature film wasn’t enough, it turns out that Netflix is expecting more than just “Crouching Tiger Hidden Dragon: The Green Legend.” While nothing has been officially confirmed, Netflix claims that there will be several major films to follow same-day debut on their streaming network.
Netflix said Crouching Tiger 2 will be the first of several major films to be given a day-and-date release on Netflix and in some Imax theaters.
Could this be the dawn of the end of movie theaters? The theaters are already getting their fair share of pressure with streaming mediums like VOD (Video On Demand) and the lack of profit sharing between theaters and the studios. If Netflix starts getting feature films on their debut date then theaters could crumble. Right now it’s just one film with the promise of several but if that number continues to grow then movie-goers may become homebodies and movie theaters will suffer the same fate as drive in theaters.
What do you think this means for the future of movie theaters?
[Source: Hollywood Reporter]