News The Chronicles of Narnia How Netflix’s Controversial IMAX Deal Put Greta Gerwig’s Narnia Movie at the Heart of the Streaming vs. Theaters Debate Greta Gerwig’s Narnia movie was already one of the biggest films of 2026. It’s become something more than that. By Matthew Byrd | Published on November 19, 2025 Photo: HarperCollins Comment 0 Share New Share Photo: HarperCollins Thus far, the hype around Greta Gerwig’s upcoming Narnia movie has been defined as much by what we don’t know about the project as what little we do know about it. We don’t know much about the plot aside from the fact that it will reportedly be an adaptation of C.S. Lewis’s Narnia: The Magician’s Nephew. We also know Daniel Craig, Carey Mulligan, Emma Mackey, and Meryl Streep are headlining the cast, but several key roles have not been confirmed. We know it has been described as a “rock and roll” reimagining of the material, but we frankly have no idea what that means. What we do know is that this Narnia film is essentially Greta Gerwig’s blank check project following the success of 2023’s Barbie. The fact that the director has chosen to pursue an adaptation of a beloved fantasy story that also means so much to her makes the whole thing that much more exciting. Arguably the biggest thing we know about Greta Gerwig’s Narnia movie is that it is being produced by Netflix and is expected to debut on the streaming service on December 25, 2026. However, Netflix has also announced that Narnia will get a limited IMAX run beginning on November 26, 2026. It is believed that it will play in IMAX theaters for at least two weeks, which would make it one of the biggest theatrical runs for a Netflix movie yet. That announcement has since ignited what is shaping up to be the biggest debate yet over Netflix’s theatrical release policies and the future of theatrical distribution rights. The debate over Narnia’s theatrical release really began late last year when entertainment journalist Matthew Belloni reported that Greta Gerwig was pushing for Netflix to give her Narnia movie an extended theatrical run. The report was unconfirmed, but it certainly tracked. Gerwig has been vocal about her love of the theatrical experience, and, especially at that time, Netflix wasn’t exactly known for giving its originals more than the briefest theatrical runs (typically due to award-nomination technicalities). Earlier this year, though, Netflix surprised quite a few people by announcing that Narnia would not only get a theatrical run but that it would be released exclusively in IMAX theaters. At the time, Netflix co-CEO Ted Sarandos stated that the decision did not represent a change to the company’s theatrical release policy and was instead an acknowledgement of how special the project and format were. The decision was seen in some circles as at least some kind of win for her fellow fans of the theater-going experience. That narrative was recently disrupted by a letter written by Tim Richards and shared with Variety. Richards is the CEO of Vue Entertainment, the largest privately owned cinema operator in Europe. In that letter (which is very much worth reading in full) Richards shares his concerns that the arrangements of the Netflix/IMAX deal “risk undermining the very ecosystem that makes theatrical success possible.” He notes that this deal not only means that fewer people will be able to see the film in theaters but that it enforces the questionable narrative that Imax is the superior premium large format. Clearly, Richards and others in his corner of the industry have an interest in seeing films like Narnia released in as many of their theaters as possible. While some studies suggest that streaming hasn’t hurt theaters as much as some claim and may have, in fact helped the industry, streaming services have offered a cheaper, more convenient entertainment option at a time when the companies are battling for screens and eyeballs as well as cash. Netflix has long been at the center of the streaming vs. theaters argument. Compared to other major streaming services, Netflix has been almost hostile towards the idea of putting its movies in theaters. Apple and Amazon have spent billions to ensure their movies get wide releases that come closer to the industry average 30+ day theatrical exclusivity window, while Netflix only recently began allowing its movies to exclusively run in theaters for a week or even just a weekend. Yet, we’ve rarely seen such a high-profile theater representative call Netflix out quite like this. Richards’ decision to do so partially speaks to the potential of Gerwig’s Narnia movie. The director of Barbie helming an adaptation of a multi-generational favorite fantasy story that will be released in time for the holidays? Historically, that is exactly the kind of movie you can safely bet will be a blockbuster. If Netflix has its way, though, that movie will never screen in the very theaters that would make it a blockbuster. This is about more than just the lost revenue, though. Regardless of his motives, Richards is right to point out that some of the details of Netflix’s exclusivity deal with IMAX are… unusual. He notes that Narnia will only play on “IMAX screens owned by operators willing to break established theatrical release windows” and that those who honor those release windows have “been threatened by IMAX with a ‘nuclear option’ if they do not play it.” While the specifics of that deal remain unclear and the implication of that threat unverified, the result of this arrangement remains the same. As it stands, you’ll only have a few weeks to see Narnia in theaters, and you’ll have to find an IMAX screen and potentially pay an IMAX premium to see it there. Given that there are only about 1700 IMAX theaters in the world (which represents less than 1% of the total number of movie theaters in the world) and that it is unlikely all of them will screen the film, that is a potentially big ask. IMAX exclusive versions of movies are hardly a new concept, but major movies are rarely truly limited to IMAX. That’s largely due to the limited market size of such theaters, but it’s also due to the questionable logic of the “premium” argument that Netflix is trying to make. Scenes shot specifically for IMAX will undoubtedly play better on IMAX screens. We don’t know how much of Narnia will be shot for that format, but given that the options to watch the movie will be “Netflix on your phone/tablet/TV or IMAX,” it’s doubtful that such scenes will make up most of the movie. Besides, directors like Ryan Coogler have recently demonstrated the benefits of a multi-format shoot from both a filmmaking and audience standpoint. Simply put, they give creators and audiences valuable options. And the creators are very much part of this story. More and more filmmakers are more and more vocal about their desire to see Netflix loosen its policies and give more projects a theatrical release. Del Toro and the Frankenstein cast expressed their desire for a wide release, analysts have gawked at the money Netflix left on the table by not giving KPop Demon Hunters a wider theatrical release, and Stranger Things creators the Duffer Brothers have made it clear that their decision to sign a deal with Paramount was partially determined by their desire to make movies that will get wide theatrical releases. While filmmakers have long been drawn to Netflix over their willingness to fund big passion projects, the studio’s opposition towards proper theatrical releases is quickly becoming the devil in the details. But, Netflix has been making more concessions than they have in the past. Whether or not you see this Narnia deal as such a concession may be a matter of perspective. If it’s between Narnia getting no theatrical release and simply this limited IMAX release, perhaps you can see the IMAX deal as another example of Netflix caving to demands. It’s a compromise, and it cuts both ways. Yet, that doesn’t help answer the eternal question of “Why?” Aside from pride and the theoretical benefits of gating its releases, what is Netflix really gaining from this? Rian Johnson’s 2022 movie Glass Onion: A Knives Out Mystery received the longest and widest theatrical release for a Netflix movie up until that point, and it made $15 million at the box office during its brief run. However, some analysts suggested that the movie could have easily made $40-$50 million that long weekend had Netflix opted for a traditional release. It then went on to become one of Netflix’s most-watched movies ever. We also know that KPop Demon Hunters became a blockbuster despite being available on Netflix for weeks before its limited theatrical engagements. It’s a small sample size, but we’ve seen distinct instances of theatrical and Netflix success not being mutually exclusive regardless of release order. In the middle of all of this sits Greta Gerwig’s Narnia: a blank check passion project that has now become the centerpiece of an argument that is poised to become even uglier by the time that the movie is actually released. Narnia is no longer just one of the biggest movies of 2026, it has become a test case for Netflix’s controversial new release strategy. It’s caught in the middle of the war over the future of film distribution, and its success may indirectly strengthen Netflix’s ability to dictate where and when audiences are allowed to watch movies. You will be able to watch Narnia on Netflix as part of the monthly subscription fee millions already pay. There are reasons that streaming is becoming more popular than going to the theaters (money, time, and “that guy” at said theaters), and it’s impossible to fault anyone for choosing that option in this instance. For those who prefer something different, you may be able to watch Narnia in IMAX for at least a couple of weeks. The question that will continue to fuel this fire is, “Is that good enough?” [end-mark] The post How Netflix’s Controversial IMAX Deal Put Greta Gerwig’s <i>Narnia</i> Movie at the Heart of the Streaming vs. Theaters Debate appeared first on Reactor.