Netflix is spending hundreds of millions of dollars to produce big-budget films:
Earlier this month, Netflix agreed to spend nearly $200 million to make the Dwayne Johnson action movie “Red Notice,” which will be filmed next year at exotic locations and also stars Ryan Reynolds and Gal Gadot, the people said. In addition, a person familiar with the matter said, Netflix plans to release later this year “6 Underground,” a Michael Bay-directed action film that is costing about $150 million, and Martin Scorsese’s “The Irishman.”
The latter film might be the company’s riskiest bet. “The Irishman,” a historical drama likely to appeal only to adults interested in serious subject matter, costs as much as some all-ages action-adventure movies because of cutting-edge visual effects that allow stars including Robert De Niro, Al Pacino and Joe Pesci to appear at different ages. People close to the picture said Netflix’s total commitment is at least $173 million, with some going above $200 million, making “The Irishman” the most expensive adult drama in recent history.
Netflix has previously said about one-third of its total viewing is movies, rather than television series.
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Netflix has been picking up many film projects Hollywood studios didn’t see as commercially viable at the box office, at least at the same budgets. Recent examples include Sandra Bullock’s post-apocalyptic movie “Bird Box’” and the jungle-heist flick “Triple Frontier,” starring Ben Affleck. Neither was a standout with critics, but “Bird Box” drew 80 million viewers during its first month and “Triple Frontier” has been watched 63 million times since its March release, the company said, making them Netflix’s first and fifth most popular original films, respectively.
Netflix bought the rights to “The Irishman” after major studios passed because of concerns that it was too expensive for a drama, a genre that has struggled at the box office in recent years. The producers were in the midst of raising independent funds to make the film when Netflix entered. “Without Netflix, ‘Irishman’ would not have been made,” said one of the people close to the movie. “I just don’t see [other] studios wanting to dive into these projects any more. I think they are staying away from the riskier, more mature films, especially dramas.”