Netflix’s Eventful Week: ‘Stranger Things’ Finale and ‘Wake Up Dead Man’ Launch

Netflix has encountered a dynamic week as it navigates its theatrical ambitions, highlighted by the mixed response to two significant releases: “Wake Up Dead Man: A Knives Out Mystery” and the impending “Stranger Things” series finale. With significant events unfolding, the company is testing its commitment to cinema amid its competition with Warner Bros. Discovery.

Wake Up Dead Man’s Theatrical Performance

“Wake Up Dead Man,” directed by Rian Johnson, garnered over $4 million during the five-day Thanksgiving frame. Despite receiving excellent reviews and a 94% audience score on Rotten Tomatoes, its performance fell short when compared to previous releases.

• Estimated gross: $4 million
• Per-theater average: $6,600
• Previous Thanksgiving release, “Glass Onion: A Knives Out Movie,” earned $13.3 million in 2022.
• Original “Knives Out” (2019) grossed $41.4 million during the same period.

This decline is attributed to Netflix’s inability to secure screenings in major theaters like AMC, Regal, and Cinemark, which demanded a longer theatrical window. As a result, “Wake Up Dead Man” predominantly played in arthouse venues.

Challenges Faced by Netflix

Netflix’s co-CEO, Ted Sarandos, has advocated for a 17-day theatrical window for films, contrary to the industry’s preference for a minimum of 30 days. This disagreement has led to a complicated release strategy that underwhelmed audiences and critics alike.

Anticipation for Stranger Things Finale

The upcoming “Stranger Things” series finale is generating considerable buzz as it prepares for a two-day theatrical event on December 31 and January 1. It will be screened across 500 locations, with reports indicating sellout showings.

• Showtimes are expected to be 90% full, a notable feat for New Year’s Eve.
• Ticket reservations are $20, which includes a concession voucher rather than being a typical box office charge.

The series finale will coincide with the online release of its 2-hour and 5-minute concluding episode. Interestingly, due to contractual constraints, Netflix could not classify this release as a traditional box office output, marking a unique case in theatrical screenings for television productions.

Insights on Mergers and Future Releases

As Netflix contemplates its potential acquisition of Warner Bros. Discovery, industry experts express concerns about the impact on theatrical distribution. Michael O’Leary from Cinema United emphasizes the need for a sustainable theatrical approach, which involves a robust slate of films and marketing support.

The upcoming adaptation of “Narnia,” projected at a $200 million budget, will further test Netflix’s theatrical strategy. It is positioned to have a global release across 1,000 venues with a 28-day exclusivity window.

As Netflix explores its role in the theatrical landscape, with “Stranger Things” and “Wake Up Dead Man” serving as focal points, the industry’s response will shape the future of streaming and cinema.