In an unusual move, Netflix Inc. (NASDAQ:NFLX) has decided to release Glass Onion: A Knives Out Mystery in theaters a month before it streams on the platform. The film is a sequel to filmmaker Rian Johnson’s very well-received murder mystery, Knives Out. Notably, the rights of the two sequels to the film were sold to Netflix for $450 million last year.
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The film will premiere in 600 U.S. theaters owned by AMC Entertainment (NYSE:AMC), Cinemark Holdings (NYSE:CNK), and Regal cinemas on November 23, Netflix said on Thursday. The show will run in the theaters for about a week until November 29, before being available on Netflix’s streaming platform on December 23.
This is an out-of-the-box move for Netflix, which has typically kept its originals away from cineplexes unless it was to meet the minimum eligibility criteria to compete for awards. It is because of this tradition of not allowing a few months between the film to run in theaters and debut on streaming that AMC has earlier declined to show Netflix films on its silver screens.
What is the Prediction for Netflix Stock?
On Wall Street, analysts are cautious about NFLX stock, with a Hold consensus rating based on 10 Buys, 16 Holds, and five Sells. The average price target of $245.85 implies a 2.4% upside potential for the stock.
