A budget of nearly $300 million, a duo of popular actors, and... a release on Netflix. The Electric State is the event of this beginning of the year for the American platform and also undoubtedly one of the biggest disappointments in the French-speaking and American press. Released this Friday worldwide, the title adapted from Simon Stäringlenhag's graphic novel has been savaged by critics. Its budget also raises many questions, particularly concerning Netflix's strategy to achieve a form of profitability. The company cannot rely on ticket sales like in the cinema, and must rely entirely on revenue generated by subscriptions and now advertising to recoup its investments. But how do you assess a film's potential to attract new customers? During a long interview with The Hollywood Reporter, directors Joe and Anthony Russo were asked to comment on this decision to bet so heavily on their imagination.
The directors of Infinity War and Endgame, who are due to return for Doomsday and Secret Wars, the next two, are not convinced of the economic merits of such a choice but defend it. Joe Russo explains: "Logically, it probably doesn't make a lot of sense to continue spending this way, but I think they could do it, because people still believe in ambition. Leaders still believe in ambition. People still want the branding that goes with ambition. They still want the sex appeal that goes with it. So I think some of those things will come up, but I don't think it's going to be a healthy part of the business model.
The Problem with Netflix Movies
Besides the obscurity of the platform's business model, the Russo brothers point to an inherent flaw in the American platform's model. Some filmmakers are trying to evade it, the image of Greta Gerwig with her Narnia saga. According to Anthony Russo, a streaming release greatly limits the event aspect of a film.
Indeed, the Red N holds more than anything to its experience of living room entertainment and has only relied on dark rooms on very rare occasions. Most often, these were brief runs limited to a few theaters. This was the case for Pinocchio by Guillermo Del Toro or Glass Onion. In France, this has never been made because the company does not want to meet the obligations of the media chronology. This lack of sanctification of the moment was also one of the points of friction between Greta Gerwig and the Red N. The director wanted her ambitious production with the universe of C.S Lewis to benefit from the technical possibilities offered by the theater as much as from the context of a collective viewing. She won her case with an IMAX screening in many territories before the release on Netflix.
More broadly, while its competitors are increasingly numerous to bet more heavily on dark rooms, the Red N seems to refuse completely and wants to concentrate its efforts on its catalog. Apple TV+ has multiplied The releases since Killers of the Flower Moon in 2023 have not been successful, while Amazon MGM is taking advantage of the roaring lion's expertise to establish itself on the big screen. For its part, Disney will leave the films exclusively for its platform and exploit the idea of a second life for its hits, like its small box office disappointments.
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