Knives Out 2 is a Win for Both Netflix and Movie Theaters
By: James Flippin · November 30, 2022 · Reading Time: 3 minutes
Killing the Box Office
Knives Out sequel Glass Onion debuted on a limited release over the Thanksgiving weekend, appearing on just 600 screens across the US. Despite the small opening, the comedic whodunit made a killing (pun intended), bringing in $9.2 million total – an average of $13,200 per screen.
The Knives Out franchise is owned by Netflix (NFLX). Up until now, the streaming giant has largely avoided playing its films on the big screen. It usually prefers to exclusively stream all of its content on its own platform, eliminating the need to share profits.
That mindset might be set to change.
Testing the Waters
In the past, most major movies would stay in theaters for weeks before they became available to rent or stream. But the movie industry has been shaken up in the past few years.
Major streaming services like Netflix, Amazon Prime (AMZN), and Disney+ (DIS) now have the resources to produce in-house hits. This has shifted the balance of power in the streamers’ favor, as they now own both the content and the distribution channel, giving them the final say in how their original films are released.
But based on this past weekend, there is evidently still money to be made by sending major films to theaters first.
Coming Soon to Theaters
The success of Glass Onion may lessen streamers’ reliance on exclusive access to content. It suggests that theatrical releases are not only more profitable for theaters, but streamers, too. With the precipitous decline in moviegoing since the pandemic, theater execs are sure to make the argument in favor of this apparent win-win.
Streaming offers convenience, but moviegoing is an experience. And if audiences are still willing to buy tickets at the box office, studios and streamers alike will surely follow the money. It looks like we’ll have to put the pause on puzzling out who killed the Big Screen — for one more movie, at least.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.