Key Takeaways:
– Fennell and Robbie turned down a $150M Netflix offer for their upcoming movie “Wuthering Heights” in favor of Warner Bros.’ less lucrative bid.
– They rejected Netflix’s bid due to a desire for a substantial theatrical release for their film.
– Netflix was left “shocked” as they had offered the highest bid.
– This move indicates a growing trend among directors and movie stars who prefer theatrical releases over streaming platforms.
In a surprising move, filmmaker Emerald Fennell, star and producer Margot Robbie, and their backer MRC have turned down a lucrative $150 million offer from Netflix. This offer was for the acquisition rights to their upcoming film “Wuthering Heights.” The trio opted instead for Warner Bros.’ significantly lower bid of $70 million.
Why did they reject Netflix’s generous offer? The answer is simple. Fennell and Robbie wished to ensure a wide theatrical release for “Wuthering Heights.” By turning down Netflix, it’s been said that they left nearly $80 million on the table. This left the streaming giant totally befuddled since they were used to being the top dog in such contests.
According to industry insider Eric Handler, an analyst at Roth Capital Partners, this is far from a one-off incident. He elucidates, “Netflix has the largest number of subscribers and scale, allowing them to outbid other platforms frequently. However, there’s an increasing number of directors and movie stars who are saying, ‘No thanks.’” This perspective sheds light on a potential shift in the film industry.
Let’s take a quick look at Netflix’s reaction. A top agent was quoted in Variety, saying that Netflix was “shocked” when Fennell rejected their offer. It was unexpected, especially given that Netflix had been outbidding all other studios for a significant amount of time.
Things get even more interesting. Netflix wasn’t even the runner-up in the bidding war for ‘Wuthering Heights.’ Amazon was the next best, narrowly avoiding the acquisition. Much like Warner Bros, they offered a major theatrical push, which clearly appeals to Fennell.
But what does it mean for the film industry? Many people believe that Fennell and Robbie’s snub could signify a change. With the rise of streaming platforms and decline in cinema viewership, this move could throw a curveball into the industry dynamics.
Look at what’s happened post snub. Greta Gerwig seemingly persuaded Netflix to release her “Narnia” project in cinemas, more specifically in IMAX. Plus, heartthrob Daniel Craig is reportedly pushing for a cinematic release for next year’s ‘Knives Out 3.’
In a world where nearly everything is at the touch of a button and the click of a mouse, the thirst for the cinema experience seems to be making a comeback. Those popcorn scents and immersive surround sounds might just be too hard to let go.
The big question now is – will other filmmakers follow Fennell and Robbie’s lead? Will they turn down streaming giants, leaving their deep pockets for the sake of more eyes on the big screen? Only time will tell. What we do know though, is that Fennell, Robbie, and their contemporaries’ decisions continue to shape the future of the film industry, one dramatic snub at a time.
