Netflix is reportedly spending an extraordinary $280 million on Greta Gerwig’s Narnia: The Magician’s Nephew, making the fantasy adventure one of the most expensive movies in the streaming service’s history.
The figure comes from cinematographer Seamus McGarvey, who reportedly disclosed the production budget during a recently resurfaced podcast appearance from 2025. World of Reel previously reported that industry insider Matt Belloni had heard Narnia could be Netflix’s most expensive production to date. While the reported amount falls short of The Electric State, which cost approximately $320 million, it still ranks among the streamer’s most significant investments.
Narnia cinematographer Seamus McGarvey – British Independent Film Awards, YouTube
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Although Netflix has not confirmed the number, McGarvey’s involvement gives the claim considerably more credibility than a conventional industry rumor. Notably, he cited the figure shortly after the film entered production.
In early August, reports indicated that some members of the supporting cast had returned to Shepperton Studios. Sources have offered conflicting accounts about whether the new filming constitutes routine additional photography or more extensive reshoots.
Rumors that Netflix was dissatisfied with a test screening have not been independently confirmed. Additional filming is also common for effects-heavy blockbusters and does not necessarily indicate serious production problems.
Still, every additional week of filming could increase an already staggering price tag. Netflix is not merely launching another original movie—it is attempting to establish a major fantasy franchise capable of supporting adaptations of Lewis’ seven-book series.
Netflix Gives Narnia a Major Theatrical Release
The enormous investment provides additional context for Netflix’s unusual decision to give The Magician’s Nephew a wide theatrical release.
The movie will open in IMAX and conventional theaters on February 12, 2027, following IMAX previews beginning February 10. It will remain exclusive to theaters before arriving on Netflix on April 2.
Netflix traditionally gives its original movies limited theatrical engagements before quickly moving them to streaming. A 49-day window represents a significant departure from that strategy and gives the company an opportunity to recover part of the reported budget through ticket sales.
Skandar Keynes as Edmund Pevensie in The Chronicles of Narnia: The Lion, the Witch and the Wardrobe (2005), The Walt Disney Company
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The film adapts C.S. Lewis’ 1955 novel, which recounts the creation of Narnia and the arrival of evil in the magical world. Gerwig wrote and directed the movie following the enormous commercial success of Barbie.
David McKenna and Beatrice Campbell lead an ensemble cast that also includes Emma Mackey, Carey Mulligan, Ciarán Hinds, Daniel Craig, Meryl Streep, Kobna Holdbrook-Smith, Denise Gough, and Susan Wokoma.
Netflix’s Expensive Narnia Gamble
Rumors have circulated since 2025 that Streep will provide the voice of Aslan. However, Netflix has not officially announced who will voice the male, Christ-like figure at the center of Lewis’ fantasy series.
Additional reporting suggests that the production shifts the story’s earthly setting from the late Victorian period to the 1950s. More recent comments from editor Andrew Weisblum also indicate that he is not consulting the source material while assembling the movie.
If all of this information proves accurate, Netflix is making a $280 million bet that the established audience will accept Gerwig’s changes—or that the beloved story can attract an entirely new generation of viewers.
William Moseley as Peter Pevensie, Liam Neeson as Aslan, and Anna Popplewell as Susan Pevensie in The Chronicles of Narnia: The Lion, the Witch and the Wardrobe (2005), The Walt Disney Company
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That gamble could establish Narnia as Netflix’s answer to Hollywood’s largest fantasy franchises—or demonstrate that even a beloved literary property has limits. Gerwig’s success with Barbie gives the company some reason for confidence, but a familiar title and impressive cast cannot guarantee that Lewis’ readers will embrace a substantially altered adaptation.
With additional filming reportedly underway and expectations rising alongside the budget, The Magician’s Nephew will arrive carrying the financial and creative weight of an entire franchise.
Are you surprised by the budget for Greta Gerwig’s Narnia movie? Sound off and let us know!
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