| March 6, 2022
The first story that everyone was all over after Lin-Manuel Miranda let the public know that Hamilton was coming to The Big Screen was the price tag. Disney paid $75 million, plus a commitment to a full theatrical release.
In every story was also the fact that the “film” of Hamilton was shot live on the Broadway stage with the original cast a few years back when they were just weeks away from breaking up.
There are a lot of layers to this that haven’t yet been chewed upon.
Unless you have Broadway HD or are over 50, you probably don’t remember when there was a regular stream of hit Broadway shows made for Great Performances, HBO, and other cable networks. And Hamilton: The Movie will be in the form of those made-for-television productions. It may be a great version of them. It may be average. The content of the show will out.
But still… interesting. As this is discussed, it was announced that Spike Lee will be making his second Broadway conversion -— first was Passing Strange, the new one, American Utopia — which he shows great style in doing, but it is still a live show shot on a stage.
But with the exception of Special Event programming onto movie theater screens by various companies, this kind of production of a stage show has never been released theatrically. Even The Pirates of Penzance, which was infamously the first and only studio experiment with day-n-date releasing (1983), was shot with the Broadway cast as a movie, not produced from a live production in the show’s Broadway theater.
Speculation that this is the most expensive movie pick-up in history isn’t really on point. It’s a project that had to cost well under $10 million to produce. It’s only “a movie” because they will release it in theaters. Also, the producers have sat on this shot footage for almost three years. The editing has surely been done for at least two years.
But let’s not shy away from the money. You can bet dollars to donuts that Netflix was in the mix on this release. $50 million for Hamilton would be, in Netflix dollars, nothing to spend on this production. They have paid $40 million for two hours of stand-up. Fifty for this would be a slam dunk. And it would be no surprise if they went for the $75 million price tag. But what they would not do is to commit to a full theatrical release. And Disney apparently did, along with a long future on Disney+.
But why does a theatrical release matter to Team Hamilton, especially when the actual content that they have made, no matter how cleverly, has always been television fare?
I would guess layers of intention, both from Disney and Team Hamilton.
1. Disney can likely turn $400 million or more worldwide with this theatrical, easily covering the cost. Mamma Mia! is the #1 Broadway-to-Movie conversion to date with $610 million worldwide. That film cost about $50 million to make, 11 years ago. La La Land grossed $446 million worldwide. Come 2022, people will wonder aloud why Team Hamilton didn’t push to get more. (Of course, they probably have back-end based on performance.)
2. Lin-Manuel Miranda will be in the 2020 Oscar race with In The Heights, but he can be there again in 2021 with Hamilton (that could also be why it isn’t being released this year).
3. Team Hamilton has been committed to bringing the stage show to audiences that do not have easy access to costly theater experiences. Assuming they feel that a movie theater showing takes an audience closer to the live theater experience than watching on a TV does, they can – and probably by contract, will – make a ton of unused weekday theatrical seats available to the financially challenged, to students, to the elderly non-theatergoers, etc. Streaming will make it available forever. But a theatrical window creates the opportunity to make this more than just another content release.
4. It simply makes business sense. Leaving what will be $100 million in profit or more on the table because it’s a little safer is buying into the foolish notion of theatrical not being an important profit center. By the time this “film” is actually released in theaters, there will surely be talk about streamers pushing some films to legitimate theatrical releases… because they are throwing away money by not doing so.
5. They can still make a “movie-movie” out of Hamilton after this plays out. A director with a vision for it can shape the material and create another theatrical release, not on a stage but on locations, that might well also be a hit. Remember… we will be getting a new version of West Side Story next December. If that hits, all bets are off.
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