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Despite their original intentions to do things their way and not conform to the standard, Netflix is starting to spread its wings a little bit with its original movies and shows. Though initially adamant that their films wouldn’t play in theaters, believing subscribers got the best value staying at home to watch, no matter what. The streamer’s hunt for Oscar glory has seen their films start to roll out in theaters due to demand, something that got even bigger with hits like KPop Demon Hunters and the Stranger Things series finale. Now, Netflix is primed to release its first-ever movie in theaters with a 51-day theatrical exclusive window before its streaming debut, and it’s going to cost them.
Last week, word came from Netflix that Greta Gerwig’s upcoming reboot of the Narnia series, starting with The Magician’s Nephew, had been delayed to 2027 but would arrive in movie theaters on February 12 and even play in IMAX theaters for 51 days before it premiered on the streaming platform. As expected, though, it’s going to cost them. According to a new report from The Town with Matthew Belloni, the film will reportedly be the most expensive one that Netflix has ever made, seemingly eclipsing the cost of last year’s colossal blunder, which cost more than $300 million.
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Narnia Reboot May Be Netflix’s Most Expensive Movie Ever
Speaking on his podcast, Belloni revealed: “I’ve heard it’s going to be the most expensive movie Netflix has ever made. If not the most, with apologies to the Russo brothers here, but it’s going to be among the most expensive movies that Netflix has ever made.” The film that Belloni is referring to is, of course, 2025’s The Electric State, the science-fiction film from the Russo Brothers that set the previous record for Netflix’s most expensive movie ever, with a reported budget of $320 million.
Despite the extreme price tag, the money couldn’t buy Netflix even a remotely mixed reception, with the film earning a dismal 14% approval rating on Rotten Tomatoes and three nominations at the Golden Raspberry Awards, including Worst Picture. The Electric State was also roundly rejected by viewers, with just 59 million “views” in its month of release; for comparison’s sake, last year KPop Demon Hunters had over 100 million views in its second month of release.
If the report proves true, and The Magician’s Nephew is more expensive than The Electric State, that would give the fantasy reboot a budget that puts it on par with the likes of Avengers: Infinity War (reported $325 million budget) or Avatar: The Way of Water (reported $350 million budget), depending on how high it goes.
For what it’s worth, The Electric State‘s budget wasn’t just a record-breaker for Netflix; it was far ahead of any of their other blockbuster movies. Previously, Martin Scorsese’s The Irishman was among their most expensive, with a reported $225 million pricetag, standing alongside the Dwayne Johnson and Ryan Reynolds Red Notice and another Russo bros. movie, The Gray Man, both of which had reported budgets of $200 million. Suffice to say, The Electric State, and now The Magician’s Nephew, was not only expensive but in a totally different category than its competition.
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