Netflix's First Original Movie Will Be 'Crouching Tiger, Hidden Dragon' Sequel

Netflix is moving forward with its first original film, and the title is an ambitious one: a sequel to Ang Lee's Oscar-winning 2000 martial arts epic, Crouching Tiger, Hidden Dragon.

Crouching Tiger, Hidden Dragon: The Green Legend will hit IMAX theaters and the streaming video service simultaneously on Aug. 28, 2015. This marks Netflix's first foray into original films, as the Weinstein Company will produce the film, which is 2015's first major day-and-date release.

The day-and-date release model has been one that Netflix has been eyeing for some time, at least according to chief content officer Ted Sarandos, who stated in his keynote address last year that a simultaneous theater/Netflix launch should appeal to independent filmmakers and studios fearing piracy for their smaller films. Of course, the catch here is that the day-and-date release model, which will allow for a film to hit theaters, DVD and VOD simultaneously, will help curb piracy, but at the expense of some film distributors, many of whom are threatened by digital encroachment on theatrical releases.

In addition to the exclusive deal for the Crouching Tiger, Hidden Dragon sequel, Netflix has a deal in place to become the exclusive home for Weinstein Company films, beginning in 2016. This is an expansion on previously existing deals between the two giants, as the companies are already in bed together for the upcoming Netflix original series, Marco Polo.

“Fans will have unprecedented choice in how they enjoy an amazing and memorable film that combines intense action and incredible beauty,” said Sarandos in a statement. “We are honored to be working with Harvey Weinstein and a world-class team of creators to bring this epic story to people all over the world and to partner with IMAX, a brand that represents the highest quality of immersive entertainment, in the distribution of this film.”

The Weinstein Company co-chairman Harvey Weinstein added, “The moviegoing experience is evolving quickly and profoundly, and Netflix is unquestionably at the forefront of that movement. We are tremendously excited to be continuing our great relationship with Netflix and bringing to fans all over the world the latest chapter in this amazing and intriguing story.”

Unfortunately, Netflix is not available in the film's native China, but The Weinstein Company and IMAX entertainment are hoping to make up the difference in ticket sales. Greg Foster, CEO of IMAX Entertainment, stated that the company is “excited to offer consumers the option of deciding how, when and where they want to view the film, and exhibitors the opportunity to participate in this alternative form of content in a new and innovative way.”

Further details on the film via Variety:

“Crouching Tiger, Hidden Dragon: The Green Legend” will star Michelle Yeoh (pictured, above) reprising her role from the first movie as Yu Shu-Lien, along with Donnie Yen (first two “Ip Man” movies, “Monkey King 3D”) as Silent Wolf. The original 2000 film generated $213 million worldwide at the box office, including $128 million in the U.S.; among its awards haul were four Oscars, including best foreign language film.

The sequel is directed by martial-arts choreographer Yuen Wo-Ping, who previously helmed “Tai Chi Master” and choreographed fight scenes in “The Matrix” trilogy and the first two “Kill Bill” movies from Quentin Tarantino.

Principal photography is now underway in New Zealand. The new movie is based on “Iron Knight, Silver Vase” by Wang Dulu and scripted by John Fusco (“Marco Polo”), the original series about the famed explorer being produced by Weinstein Co. for Netflix.

“Crouching Tiger, Hidden Dragon: The Green Legend” is produced by Harvey Weinstein and Peter Berg and Sarah Aubrey (both of “Friday Night Lights,” “Lone Survivor” and “Hancock”). Executive producers are Morten Tyldum, Ralph Winter, Anthony Wong and Bey Logan.

The film’s director of photography is Tom Sigel (“Drive,” “X-Men: Days of Future Past”) with the design team led by “Lord of the Rings” collaborators costume designer Ngila Dickson, production designer Grant Major and visual effects supervisor Mark Stetson.

The movie is already catching buzz on the casting side of things, as Crouching Tiger, Hidden Dragon: The Green Legend arguably features more familiar, recognizable mainstream names than the original. Glee star Harry Shum Jr. is part of the cast, as is Hawaii Five-0 star Jason Scott Lee. They join a cast that includes returning star Michelle Yeoh, and martial arts stars Roger Yuan (Skyfall), Memoirs of a Geisha star Eugenia Yuan. Also in the cast is newcomer Natasha Liu Bordizzo.

If the film is a hit, expect Netflix to sign a slew of exclusivity deals for high-concept, higher-profile projects for day-and-date release, as this has the potential to be an insanely lucrative venture. You know, provided there's an audience for a sequel to a film that's 14 years old. But if we can still get a new Dumb and Dumber movie in the year 2014, all bets are off.

Via: Variety

Credit: Sony Pictures Classics