Photo by Abby Bellow
Netflix announced it will stream the premier of the sequel to the martial arts film “Crouching Tiger, Hidden Dragon” at the same time as movie theaters. The movie will stream on Netflix simultaneously with IMAX theaters in late August of 2015, bringing Netflix into a new market.
According to a CNN article, executives at Netflix have long taken interest in offering films concurrently with their theatrical release and have portrayed the reigning model—theaters first, then DVD, then streaming—as outdated.
With the current streaming system, movies are available to subscribers up to a year after they premier in theaters.
Netflix has partnered with IMAX and the Weinstein Company, the independent studio that is producing the “Crouching Tiger” sequel, to achieve their feat of bringing new movies instantly to their members.
“The movie-going experience is evolving quickly and profoundly, and Netflix is unquestionably at the forefront of that movement” Harvy Weinstein said in the article.
The partnership of the three companies will bring about the simultaneous instant premier of several films late next year, though neither Netflix nor the Weinstein Company has yet to name what the other films will be.
With the films under control of the Weinstein Company, Netflix and IMAX, have a controlling interest on the films so those who are interested in watching them will either have to find an IMAX theater, or stream the film on Netflix.
This announcement has peaked the interest of moviegoers and Netflix account holders alike.
Junior Stephanie Bonney, who is a current Netflix subscriber, said if Netflix added live premiers as an added feature, she would be interested in it.
“I go to the movies a fair amount while I’m at home but once I get to school I don’t go as much because of money and because a lot of my friends don’t like going to the theaters very often,” Bonney said. “This would make it easier to watch movies and I think it would be an interesting feature.”
According to the same CNN article, none of the major Hollywood studios, like Warner Bros. Entertainment Inc., appear willing to try a simultaneous streaming and in-theater release, but Netflix chief content officer Ted Sarandos hopes success with the sequel, “Crouching Tiger, Hidden Dragon: The Green Legend” will convince the major studios to get on board. He claims this will not be detrimental to movie theaters or major studios because they offer two different experiences for viewers.
“What I am hoping is that it will be a proof point that the sky doesn’t fall,” Sarandos said in the CNN article. “These are two different experiences, like going to a football game and watching the game on TV.”
Senior Eric Alberts, who is not a Netflix subscriber, agreed with Sarandos the social aspect of movie going will help the theater business.
“I personally love going to the movies with my friends and standing in line for premiers and the rush and excitement of that setting,” Alberts said. “I think even if Netflix expanded and made it a feature, I’d still prefer getting a group of friends together, getting my popcorn and sitting in the theater.”
However, not all agree with Sarandos that expanding this market won’t hurt the future of theaters, which make 85 percent of their profits from concession stands. If people aren’t in the theaters, they aren’t buying concession stand food.
“I think in a way it could be negative for theaters because less people would go to the movies because they’d be able to watch it on Netflix,” Bonney said. “But then again, there are certain movies that won’t premier on Netflix and people would have to go to the theater to see them. So it’s kind of a 50-50 chance in my opinion.”
According to a TIME Magazine article, without the hefty concession profits, the movie theater business would not exist.
It could also be noted that Netflix isn’t the only non-theater based option to view recent movies, as many cable providers utilize video on demand services. But they are, however, the first to allow users to access the film at the same time. Video on demand services have an average waiting time of up to three weeks after movies hit theaters.
“Crouching Tiger, Hidden Dragon: Green Legend” is set to premier in select IMAX theaters and Netflix on Aug. 25, 2015.
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