Netflix and The Weinstein Company have taken their relationship to the next level, signing a deal to release the first Netflix original feature film.
— Netflix US (@netflix) September 30, 2014
The film will be a sequel to Ang Lee's 2000 Oscar-winning Crouching Tiger, Hidden Dragon, called Crouching Tiger, Hidden Dragon: The Green Legend.
It will premiere on Netflix (in all territories, apparently) and in IMAX theaters on August 28, 2015. The New York Times reports:
Ted Sarandos, chief content officer at Netflix, said he hoped this deal would show Hollywood that the time had come to respond to what movie fans wanted, and to change the traditional method for releasing films — first in theaters then, typically several months later, for streaming.
“What I am hoping is that it will be a proof point that the sky doesn’t fall,” Mr. Sarandos said. “These are two different experiences, like going to a football game and watching a football game on TV.”
Netflix and The Weinstein Company have gotten pretty close over the past year or so. Last year, they inked a deal for Netflix to start streaming first-run films in 2016. Netflix is to get these films inside the pay TV window. Harvey Weinstein said at the time that it was probably the biggest deal in the history of his company.
Also last year, Netflix picked up rights to the Weinstein-produced series Marco Polo, which is set to debut in December. As recent as this month, the two companies announced a deal for Netflix to get the show Peaky Blinders in the U.S.
Image via Netflix