It looks like Netflix (NFLX)’s $200 million bet on “The Gray Man” may have paid off.
The action-packed movie starring Ryan Gosling, Chris Evans and Ana de Armas hit the catwalk Friday and quickly climbed to the top of the competitive top ten list, despite lackluster reviews.
According to the company’s latest global viewing report, subscribers watched more than 88 million hours of the movie during its first three days on the platform (July 22-July 24).
For context, the Red Notice recorded more than 364 million hours of watch time in its first 28 days, while Don’t Search collected 360 million hours over the same time period. The Gray Man is expected to surpass those numbers.
On the heels of those numbers, Netflix a statement That “Gray Man” sequel is already in development with Ryan Gosling and directed by Joe and Anthony Russo are all about to return.
Another view is in the work of “Deadpool” screenwriters Paul Wernick and Rhett Reese.
The film’s $200 million budget makes it the most expensive movie on Netflix to date.
“Movies are a one-time thing — and some of those costs have become very significant,” Sean Robbins, chief analyst at Box Office Pro, told Yahoo Finance.
He described the current streaming landscape as the “Wild West,” with platforms scrambling for first-class content in order to keep up with their competitors.
“The budgets are getting bigger,” Robbins added. “The talent is there. It’s just a matter of service that will simplify being able to consistently roll out a high-quality product and keep subscribers.”
Netflix, which dropped nearly 1 million subscribers in the second quarter and revealed softer-than-expected guidance for the third quarter, faced a rise in subscribers, or the number of customers who took offline.
It comes amid growing competition, with some industry watchers warning that a “streaming recession” is looming. The original streaming giant plans to introduce an ad-supported layer next year to alleviate some of these problems.
Another monetization opportunity is theatrical partnerships, which is why some industry watchers are questioning why the “Grey Guy” hasn’t had a wider theatrical exposure.
Play gives you “a window in which you can make a lot of money on top of your subscriptions — which can pay for some of those franchise column titles,” John Christian, executive vice president of digital media supply chain at Qvest, the largest media and entertainment-focused consulting firm, told Yahoo Previously Finance.
Although Netflix has played some original features in theaters, including the 2018 Breakout hit “Roma” and more recent hits “The Irishman” and “Don’t Look Up,” those debuts (similar to “The Gray Man”) ) were very short windows with more limited editions.
“These films prove that quality can be achieved, but they didn’t have the same opportunity in theaters and could have done very well,” Robbins said, anticipating that the integration of theatrical content with broadcasting would take time.
Alexandra is the Senior Entertainment and Food Correspondent at Yahoo Finance. Follow her on Twitter aliecanal8193 And email it to email@example.com
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