As more and more studios try to navigate various methods of releasing their films during the coronavirus pandemic, especially now that cinemas across the country have closed, most films have received digital releases. Paramount’s Lovebirds, a comedy with Kumail Nanjiani and Issa Rae marks the first time during this period that a studio film has lost its theatrical release and will head straight to a third-party streamer – Netflix.
Lovebirds Originally slated to hit theaters on April 3, but Paramount announced last night that it will switch directly to Netflix. Paramount and Netflix currently have a partnership that includes a few titles, according to Paramount CEO Jim Gianopulos. More specifically, Paramount sold The Cloverfield paradox at Netflix. The streamer then released it as a surprise after the Super Bowl in 2018. Gianopulos told investors and analysts in 2018 after the deal that Paramount would use the joint venture “when and where it makes sense.” It seems to be one of those moments.
Lovebirds is not Black Widow at the end of the day. It’s a midbudget movie that makes sense for a streamer like Netflix, especially considering what’s going on in the industry right now. Paramount also chose to delay its long-awaited sequel A quiet place, a quiet place II, until later in the year.
Lovebirds is not Black Widow at the end of the day
Take a look at the ticket numbers for these types of films. The James Bond franchise was estimated to be around $ 20 billion in 2015. A Peaceful place grossed $ 340 million worldwide, which is an impressive feat for a horror film without pre-existing intellectual property. These are films that studios think can earn a decent return on investment through the traditional theatrical release system.
Those who cannot choose alternative routes. Magnolia Pictures has delayed the release of its documentary Kill the dragon and modified the distribution version so that it is available for rental from digital services. Another studio in China made their biggest movie of the year free to all subscribers on their own streaming platform due to the new coronavirus epidemic, for example. Films currently in theaters like Forward, Sonic the Hedgehog, Emma, The Hunt, and more and more digital videos and releases in advance, as more and more people stay at home and near cinemas. It’s a trend that will disrupt parts of Hollywood and the cinematic experience. As The edge previously noted:
What we see instead are studios like Universal starting to make pipeline decisions. There are mid-level movies that don’t need an exclusive 90-day theatrical release. Movies like Emma and The hunt could do better with $ 20 VOD rentals than at the theater. The average ticket price is $ 16, according to NATO. If a family of four wants to go see The hunt, it’s more than $ 50. But $ 20 at home where everyone can watch and eat their own snacks is a much more attractive offer. Warner Bros. ‘ Birds of prey did well at the box office, 84 million dollars in the country, but now that people are home, chances are more people will find out about it with a $ 20 rental while they are looking for entertainment to fill their time. Even the director agrees.
Lovebirds is not yet on Netflix, but is likely to appear on the streamer on April 3.