‘Glass Onion: A Knives Out Mystery’ Left Over $40 Million on the Table in ‘Missed Opportunity’: ‘They Whiffed,’ Says Analyst
One of the biggest movies at the box office right now is Netflix’s Glass Onion: A Knives Out Mystery. The streaming service put the murder mystery in theaters for a limited run. But many experts have pointed out they’re losing millions by cutting the theatrical run short.
Netflix paid over $400 million for ‘Knives Out’ sequels
Glass Onion: A Knives Out Mystery is a sequel to the 2019 blockbuster Knives Out. Both movies were written and directed by Rian Johnson, and feature Daniel Craig as the lead character, private investigator Benoit Blanc.
Knives Out was released by Lionsgate Films, but the studio only bought the rights to one film from Johnson. This left the writer-director free to pitch potential sequels elsewhere. And Netflix soon drew up a deal for two more movies from Johnson.
Netflix paid $469 million for the rights to two new Knives Out movies. This seems like a pretty hefty price tag, but Knives Out grossed over $300 million worldwide in ticket sales.
How much did ‘Glass Onion’ make during its limited theatrical release?
When Netflix announced they had bought the rights to the next movies, many fans assumed they wouldn’t get to see Glass Onion in theaters. However, the streaming service did a limited release for the movie, booking it in fewer than 700 theaters across America for just one week.
In its five-day opening (Wednesday to Sunday), Glass Onion made close to $13 million. For comparison, Steven Spielberg’s The Fabelmans made just $3.1 million in 638 theaters. Marvel’s Black Panther: Wakanda Forever was one of just two movies that outperformed Glass Onion at the box office.
Wakanda Forever raked in $64 million, while Disney’s Strange World made $18.6 million. However, both of these movies were released in more than five times the number of theaters Glass Onion was released in. Wakanda Forever premiered in 4,290 theaters, while Strange World debuted in 4,174.
The Hustle broke numbers down by theater, explaining that each theater that showed Glass Onion made $19,080 just from that movie alone. Wakanda Forever made $14,872 per theater, while Strange World flopped with $4,517 per theater.
Netflix lost millions by yanking ‘Glass Onion’ from theaters
Glass Onion has been yanked from theaters. And many experts are sharing just how much money Netflix is losing out on by cutting off the theatrical run. According to the Hollywood Reporter, Netflix lost between $40 and $50 million by restricting Glass Onion‘s theatrical run.
“It’s a lost opportunity for Netflix in terms of extra money,” Wall Street analyst Eric Handler said. “They had a big chance and they whiffed.” Netflix higher-ups are insisting that this theater success just means more money when the movie hits the streaming service in December.
“There are all kinds of debates all the time, back and forth. But there is no question internally that we make our movies for our members, and we really want them to see them on Netflix,” Ted Sarandos, Netflix’s CEO, said. “Most people watch movies at home.”
The company has stated that Glass Onion‘s huge box office success will mean skyrocketing streaming numbers for them once the movie hits Netflix.
RELATED: Why Rian Johnson Used a Beatles Song for ‘Glass Onion’ Title
