In another sign of the new normal, “The Hollywood Reporter” is reporting that Godzilla vs. Kong, the monster mash-up movie from Legendary Pictures, is likely heading to a streaming service. This would be the latest big franchise potential box office earner to skip theaters due to the ongoing uncertainty of COVID-19.
“The Hollywood Reporter” has sources that say that Netflix made an offer of more than $200 million for the film but WarnerMedia has blocked that deal because they’re preparing their own offer for its streamer, HBO Max. Warner Bros. is being coy at the moment by saying “We plan to release Godzilla vs. Kong theatrically next year as scheduled.” The Netflix offer appealed to Legendary because they financed 75% of the budget. Netflix doesn’t have a presence in China where the film could perform very well but it could be the best of both worlds situation for Legendary. More than $200 million from Netflix & still maintaining a theatrical release in China where more money could be made. The monsterverse movies are big internationally for Legendary, especially in China. Just over a third of Godzilla: King of the Monsters‘ $386 million global gross came from its release in China. For Kong: Skull Island, $168 million was made from China which is about 30% of that film’s $567 million worldwide take. The domestic earnings on King of the Monsters is another reason to consider a streaming deal. That film topped out at $110.5 million domestically on a $170 million budget. There is money to be made on this potential new deal while also maintaining its international footprint.
The decision on the film’s fate is being handled at the highest level. WarnerMedia CEO Jason Kilar & Warner Bros. chairman Ann Sarnoff are said to be figuring out an offer that is similar to what they’re doing with Wonder Woman 1984 next month. It would have a streaming release that includes a theatrical component. As of now, the film is slated to open on May 21, 2021, & it’s not 100% clear that U.S. theaters will be fully up and running by then, even with promising vaccines on the horizon. Even if they are, there is an issue of a ton of event films that were pushed from 2020 to 2021 in the wake of the pandemic.
Godzilla vs. Kong is directed by Adam Wingard and stars Millie Bobby Brown, Julian Dennison, Alexander Skarsgard, Kyle Chandler, Rebecca Hall, Eiza Gonzalez, Brian Tyree Henry, Zhang Ziyi, Jessica Henwick, Demian Bichir, Danai Gurira, Lance Reddick, Van Marten, and Shun Oguri.
