Greta Gerwig’s ‘Narnia’ is Reportedly the Most Expensive Netflix Movie Ever as Budget Is Revealed

Fantasy franchises don’t come cheap, especially when a studio is betting on building an entire multi-film universe rather than just one standalone adaptation. Netflix has spent the past year quietly signaling just how much confidence it’s placing in its next major attempt to do exactly that.

Greta Gerwig’s take on C.S. Lewis’s beloved Narnia books has been shrouded in secrecy for months, with fans getting little more than cast announcements and scattered behind-the-scenes details. That silence hasn’t stopped speculation about the project’s scale from growing steadily louder.

According to recent reporting, “Narnia: The Magician’s Nephew” carries a reported production budget of 280 million dollars, a figure that would likely make it the most expensive film Netflix has ever produced. That number puts the film in rarefied territory even by the streamer’s already generous blockbuster standards.

The film’s budget has fluctuated across various reports throughout the year, with some insiders initially suggesting a figure north of 320 million dollars. Journalist Matt Belloni first raised the possibility on his podcast, The Town, saying, “I’ve heard it’s going to be the most expensive movie Netflix has ever made,” Belloni said on the show, adding that it would rank among the streamer’s priciest productions regardless of the exact final tally.

If the 280 million dollar figure proves accurate, “Narnia” would surpass Netflix’s current record holder, “The Electric State,” the Russo brothers’ sci-fi film starring Chris Pratt, which cost 320 million dollars to produce. Other previous high-water marks for the streamer include “The Irishman” at 225 million dollars and both “Red Notice” and “The Gray Man” at roughly 200 million dollars each.

For Gerwig personally, the budget also represents an enormous leap from her previous work. Her Oscar-nominated 2023 blockbuster “Barbie” carried a comparatively modest 145 million dollar budget, meaning “Narnia” would nearly double the scale of anything she’s directed before.

That kind of investment appears tied directly to Netflix’s broader ambitions for the franchise. The streamer has committed to an unusually long 49-day theatrical exclusivity window ahead of the film’s streaming debut, a significant departure from the typical two-week theatrical runs Netflix has historically given its original films.

The film’s ensemble cast includes Emma Mackey, Carey Mulligan, Daniel Craig, Meryl Streep, Ciarán Hinds, Denise Gough and Susan Wokoma, giving “Narnia” the kind of prestige lineup befitting its reported budget. The adaptation is based on C.S. Lewis’s 1955 novel and is set to open in theaters on February 12, 2027, before arriving on Netflix on April 2, 2027.

Production hasn’t been entirely smooth, however. According to recent reports, the film was sent back for reshoots in London following underwhelming test screenings, including one early showing in Paramus, New Jersey, where audiences reportedly viewed an unfinished two-hour cut with incomplete visual effects. Netflix reportedly opted not to take chances with a project carrying this much financial weight, scheduling additional filming to address concerns raised during those early screenings.

Despite the rocky test-screening reports, those closer to the production have described the film’s creative direction in glowing terms. Cinematographer Seamus McGarvey, who recently viewed a rough cut alongside Gerwig in London, described the project as “the biggest budget hand-knitted project,” according to NarniaWeb, adding that the filmmaking team approached the project with “a dream of poetry in our souls.”

With Netflix clearly positioning “Narnia: The Magician’s Nephew” as a tentpole capable of anchoring a much larger franchise, the streamer’s willingness to spend at this level suggests just how seriously it’s taking the long-term potential of Lewis’s fantasy world. Whether that investment pays off will ultimately depend on how audiences respond once the film finally reaches theaters early next year.

Have something to add? Let us know in the comments!