Glass Onion: A Knives Out Mystery has been a revelation for Netflix having become one of the streaming platform's top 10 most-watched movies after just 10 days, and its success could mean Netflix rethinks its production strategy. The sequel to 2019's Knives Out, Glass Onion centers on Daniel Craig's sassy Southern detective, Benoit Blanc, who is hired to investigate a new case full of larger-than-life characters. Glass Onion is a unique Netflix production because the Knives Out franchise was not created by the entertainment company, but instead bought following the success of the first movie.
The decision to take over a popular franchise is an intriguing one given Netflix has a track record of producing successful original content, though more often with TV series. Stranger Things, Wednesday, and Squid Game have all been global smash hits in terms of both viewership figures and critical response. Unfortunately, the success of Netflix's best TV franchises has not yet been replicated by its movie offerings, so the strategy to buy Glass Onion could be a sign of what to expect from Netflix in the future.
Netflix Has Struggled Creating Major Movie Franchises
Ever since Netflix moved into movie production in 2015 it has struggled to establish a popular franchise, but not for the want of trying. Productions such as Red Notice and The Gray Man have had budgets breaking into $200 million and starred recognizable A-listers like Dwayne Johnson and Ryan Gosling. While the viewing figures for the two movies are applaudable, respectively the first and fourth most-watched Netflix films of all time, the critical and general response to the quality of the Netflix productions has been hugely underwhelming compared to the platform's TV series counterparts.
Sequels for Red Notice and The Gray Man have been green-lit, but that doesn't mean that audience anticipation is there in the same way that fans are excited for Wednesday Addams to return. Arguably Netflix’s biggest movie franchise so far is Enola Holmes thanks to its familiar stories and ensemble cast. But still, it’s not close to the levels of popularity of long-standing franchises like the Marvel Cinematic Universe, Star Wars, and Jurassic Park which continue to release box-office hits. Given Netflix hasn't been able to compete with industry giants, it’s no surprise that the company bought Glass Onion following Knives Out’s success commercially and during awards season.
Netflix's Knives Out Deal Explained
Knives Out director Rian Johnson had ideas for several movies to put Daniel Craig's Benoit Blanc in before the first installment of the franchise was even released. The success of Knives Out made a sequel inevitable, and the original movie's distributors, Lionsgate, greenlit a second movie in early 2020. But following significant interest from Netflix, Amazon, and Apple a bidding war began in the following year for the rights of Glass Onion and another Knives Out sequel.
In March 2021, Netflix won the Knives Out auction and acquired Glass Onion and Knives Out 3 for $469 million, a significant sum considering Knives Out made $311 million at the box office. Despite the excitement for the Glass Onion, Netflix only gave it a week-long run in theaters ahead of its streaming release a month later because of the company's continued prioritization of gaining subscribers rather than making a profit at the box office. Glass Onion's limited theatrical run still brought in $15 million even though it was only played in a limited number of cinemas for just 7 days and was competing against Black Panther: Wakanda Forever.
How Glass Onion's Success Could Trigger More Deals Like Knives Out's
Glass Onion has been a huge hit with Netflix subscribers having racked up over 209 million hours of viewership in less than two weeks following its release on December 23, 2022. More still, Glass Onion has been a critical triumph, holding a 93% Tomatometer score on Rotten Tomatoes and already earning nominations for several accolades, including two Golden Globe Awards. Netflix's huge investment into the Knives Out franchise didn't guarantee them success, but the universally positive reception that Glass Onion has received has been the company's reward.
The undeniable success of Glass Onion will almost certainly lead to Netflix and other streaming platforms buying out existing franchises, rather than only sticking to the difficult and expensive task of trying to create new IPs. Most of the highest-grossing movies of the last few years are already owned by the likes of Disney, Universal Pictures, and Warner Bros, but Netflix should continue to acquire proven commodities at the right price. Like Glass Onion, what franchise Netflix chooses to take over next is a mystery, but the now tried and tested strategy will play a key role in the future of the movie production industry.