Green Knight streaming event mixes things up at the box office

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A24’s summer hit, The Green Knight, takes a brief detour from its exclusive theatrical rollout. Like hollywood keep being creative About the drop in box office revenue, the store’s distributor is trying something new with a one-day streaming option.

The Green Knight streaming event is one of several mixed streaming strategies right now. Studios are naturally trying to recoup the costs, as viewers (also understandable) remain apprehensive about a return to cinema.

This whole process has been strained. With set up chases, income cap, and fear that the public may be encouraged to take unnecessary risks, the state of the release of films is not good.

Did A24 crack this one? Will The Green Knight streaming event be a winning formula? Here’s what’s at stake.

A new world for cinemas

The Green Knight streaming event

All industrial panic aside, it seems obvious that COVID-19 is to blame for, well… all of this. And things will re-normalize at least a bit when the pandemic is under control.

A24 initially released The Green Knight exclusively in theaters to maintain a certain type of experience. But they’re also investing in their own future as a film distributor with the theatrical release of The Green Knight. The industry needs cinemas as much as cinemas need films.

Now that the genie is out of the bottle, some of those same-day streaming approaches may stick around. If this is the case, Hollywood will have to determine what is profitable and what is not, both in the short term and in the long term.

The Green Knight streaming event

David Lowery’s epic fantasy based on the Arthurian legend of Sir Gwain and the Green Knight was a huge summer hit. With a total of $ 3 million on opening day, it more than held up against much bigger, more mainstream titles.

In the midst of a pandemic, The Green Knight offers hope for the future of cinema, no doubt. But it could reach more eyeballs. And A24 has a plan for that, making the film available online August 18 only, for anyone who can’t – or won’t – go to the movies.

The Green Knight streaming option is far more limited than anything we’ve seen so far.

the 1-day Green Knight streaming event will use the company’s Screening Room platform. Unlike most digital rentals and purchases, the movie will only be available for a four hour window. For $ 20, US viewers will be able to watch anytime between 6 p.m. and 10 p.m. PT. The feed also includes a Q&A bonus with cast and team members.

It’s a new approach. Nobody leaves by “owning” the film. The price is high, but cheaper than a pair of movie tickets. People who want to go to the theater still can. A24 doesn’t really compete with itself by offering such a small window. Overall, it’s pretty much a win-win.

But we’ll have to wait and see how it goes.

The Disney model

Black Widow showing Scarlett Johansson and Florence Pugh.

A24 is not starting from scratch here. The Green Knight streaming event is just one approach.

Disney made bold choices, allowing Disney Plus subscribers to watch movies like Mulan, Cruel, Black Widow, and Jungle cruise the very day of their theatrical release. However, these were “Premier Access” titles. Subscribers would have to pay $ 30 per movie on top of their monthly or annual subscription fees to gain unlimited access to premium titles.

To verify: Everything you can watch on Disney Plus

This release model, in theory, could allow Disney to make money while providing incentives to subscribe to its streamer. And Disney has in fact exceeded analysts’ projections with its sharp increase in subscriptions.

Disney has chosen not to release its latest film, Free Guy on Premiere Access, and on the Marvel side, the company plans to keep Shang-Chi and the Legend of the Ten Rings. out of the streamer too. So maybe we hit a point of diminishing returns.

Make it free for subscribers?

The suicide squad

Warner Bros. took a more dramatic, arguably populist, approach.

Rather than mixing theatrical releases with exorbitantly priced VOD options, the company is offering its entire 2021 release on its HBO Max streaming site. So every Warner Bros. movie, Godzilla vs. Kong To The suicide squad to Dune is free to stream online the same day it is released.

New movies are great bait to attract streaming customers.

Okay, so none of this is really free. As with Disney, you need a subscription to the HBO Max service. Given that HBO Max is still a relatively new player in the streaming game, this is more than a COVID contingency. It is also a way to increase subscription revenue. The 2021 movie slate is the bait, and it’s pretty enticing at that. When subscriptions stabilize (and the pandemic is over, hopefully), it won’t make Warner much money. They may then need to reassess.

Is The Green Knight streaming event the way to go?

The Green Knight streaming event

Frederick Blichert / Android Authority

There is no doubt that big companies like Disney and Warner Bros. know what they are doing. Even taking into account the losses of individual films like Black Widow and The Suicide Squad, Disney Plus and HBO Max have seen an increase in subscriptions, no doubt thanks at least in part to hybrid releases.

But when the dust settles and subscriptions peak, then what? And what about smaller outfits like A24 – or Neon or Bleecker Street or Breaking Glass Pictures or Abramorama, etc.?

One-day limited streaming options may be the way to go. Certainly, smaller titles that fail to reach all markets could benefit from the impetus of an underserved audience that still wants to see independents.

I guess we’ll all see how The Green Knight streaming option plays out and go from there.

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