A technical mishap at the start of a screening of Okja, Netflix’s Cannes movie entry into the festival’s competition for ‘Best Film’, didn’t curb discussion amongst delegates at the importance, threat and perhaps even opportunity for the film and content market from Netflix.
Brett Ratner, speaking in Cannes Friday and quoted by trade mag Hollywood Reporter, said he sees Netflix and fellow streamer Amazon as saviours for the kind of mid-budget movie that is almost impossible to make work, financially, at the box office these days. Indeed, before Netflix swooped in, Okja had been offered around to traditional distributors, but they were fearful of the risks posed in backing a $55 million film from its Korean director, Bong Joon Ho.
Netflix has more than 100 million subscribers, spread over 189 territories as well as the US, typically paying around $9 a month for exclusive access to its portfolio of film and TV titles.
News also emerged from Cannes that Netflix will triple its investments in non-US output.