Netflix is making significant changes to its release strategy by bringing major titles to theaters, including Stranger Things and KPop Demon Hunters. This marks a departure from its long-standing policy against wide theatrical releases. A sing-along version of KPop Demon Hunters was shown in cinemas for two days from August 23-24, 2023, and it topped the box office during that time. The film is set for a re-release over the Halloween weekend, while the two-hour finale of Stranger Things will premiere in theaters on December 31, 2023, the same day it debuts on the streaming platform.
Alicia Reese, Vice President of equity research at Wedbush Securities, discussed this strategic shift with Variety. Traditionally, Netflix’s theatrical releases were limited to award eligibility or appeasing industry talent. Reese notes, “Netflix has more interest now in trying to maximize reach.” This move indicates a broader goal of engaging a larger audience through cinematic experiences.
Historically, Netflix had been critical of theatrical releases. Earlier this year, CEO Ted Sarandos referred to the idea of wide releases as an “outmoded idea.” Yet, recent months have seen a notable change, with several films slated for theatrical distribution. This includes Guillermo Del Toro’s upcoming adaptation of Frankenstein, which received a limited theatrical release on October 17, 2023, and Wake Up Dead Man: A Knives Out Mystery, scheduled for theaters on November 26, 2023, before streaming on November 7 and December 12, respectively.
Netflix’s evolving strategy also involves plans for a two-week IMAX release of Greta Gerwig’s adaptation of Narnia in 2026. Additionally, there are discussions about a comprehensive theatrical rollout for David Fincher’s Adventures of Cliff Booth, a spinoff featuring Brad Pitt from Quentin Tarantino’s Once Upon a Time in Hollywood.
This shift towards theatrical releases appears to reflect a recognition that movies shown in cinemas can generate significant cultural impact. However, Netflix does not view theaters primarily as a source of revenue. Instead, it treats these theatrical runs as a marketing strategy aimed at energizing audiences, ultimately encouraging them to return to the streaming platform.
“Movies shown in theaters often have greater cultural impact,”
an industry insider remarked, highlighting a shift in perception within the company.
Stranger Things, set in the 1980s, follows the mysterious disappearance of a young boy and the subsequent uncovering of secret experiments and supernatural forces in a small town. The narrative centers on a peculiar girl who may hold the key to the unfolding mystery, captivating audiences worldwide.
In summary, Netflix’s new approach to theatrical releases signifies a pivotal shift in its operational strategy, emphasizing audience engagement and cultural relevance. As the streaming giant adapts to changing viewer preferences, the entertainment landscape may witness a blend of traditional cinema and streaming innovation.
