Why Today? Edition No. 011  ·  July 18, 2026

This Week's Shared Moment

Christopher Nolan's The Odyssey opened this weekend to the biggest preview numbers of 2026. The same evening, Netflix announced it would cut the frequency of its viewership reporting. Its stock fell 10%.

What does Christopher Nolan understand about movies that the rest of Hollywood doesn't?

On Thursday evening, Christopher Nolan's new film sold $17.6 million in preview tickets. That same day, Netflix announced it would stop telling investors how many people watch its shows.

Christopher Nolan at the 2018 Cannes Film Festival
Christopher Nolan at the 2018 Cannes Film Festival. In 2020 he would publicly call Warner Bros.' decision to move its entire film slate to HBO Max "the worst streaming service" deal in Hollywood history. At the time, the industry thought he was wrong. — Wikimedia Commons / CC BY-SA 3.0

In December 2020, Warner Bros. announced that its entire 2021 film slate — every major release, including Dune and The Matrix 4 — would debut simultaneously in theaters and on HBO Max. The studio called it a pandemic solution. What it was, Nolan said publicly and without qualification, was a mistake. "Some of our industry's biggest filmmakers and most important movie stars went to bed the night before thinking they were working for the greatest movie studio and woke up to find out they were working for the worst streaming service," he said. He was the most prominent director to say out loud what most of the industry had decided to think quietly. Trading the theatrical experience for streaming convenience was not an upgrade. It was a misunderstanding of what movies are for.

The industry disagreed. Streaming was the future — convenient, frictionless, available on any screen at any time. Nolan was a stubborn romantic defending a dying format. At the time, this seemed like the more reasonable position.

His argument was not about nostalgia. It was about a specific claim: that there is something irreplaceable about watching a film in a dark room, on a screen larger than any wall in your house, surrounded by strangers who are feeling what you are feeling at the same moment. That this experience is not merely a delivery mechanism for the film. It is part of the film. Remove it and you have something different — something that looks the same but is not the same.

"They don't even understand what they're losing."

— Christopher Nolan, December 2020, on Warner Bros.' decision to move its entire slate to HBO Max

The simplest argument for his position is his own track record. In the fifteen years since Inception, Nolan has made five original films — not sequels, not franchise IP, not adaptations of pre-existing intellectual property with guaranteed audiences. All five grossed more than $500 million worldwide. No director in history has done that.

Original films. No franchise. No sequel.

2010 Inception
$830M
2014 Interstellar
$677M
2017 Dunkirk
$525M
2023 Oppenheimer
$975M

A three-hour film about theoretical physics, with no conventional action sequences and no franchise tie-in, remains the highest-grossing film of his career. It made most of its money from people who drove to a theater specifically to be in a room experiencing it.

The record matters because it is not an argument — it is evidence. Each of these films asked audiences to sit still for two to three hours with something demanding, original, and available only in one place. Each time, the audiences came.

The technical explanation for why goes to something Nolan has been saying for years, and that most of the industry has decided to treat as eccentricity. The Odyssey is the first feature film ever shot entirely on IMAX film. Not partially — every scene, every shot. To accomplish this, Nolan and the IMAX Corporation built a new camera system from scratch. It weighs 400 pounds. Each film magazine holds between two and a half and three minutes of footage before it needs to be reloaded. The production adapted Homer's entire epic around a camera that cannot run continuously for more than three minutes without stopping.

He chose this format because IMAX film captures up to three times the resolution of the best digital cameras available today. Digital cinema projectors cap at 4K; film bypasses that ceiling entirely, projecting directly onto the screen without compression or downscaling. The image the audience sees contains more information than any digital frame can hold. Most audiences cannot articulate this difference. They feel it.

Nolan's argument is that the film industry adopted digital cameras for economic reasons — they are cheaper, faster, and vastly more convenient than film — and then confused those economic advantages with image-quality advantages. The industry chose the more efficient tool and told itself the more efficient tool was also the better one. He disagrees. "There's nothing that competes with it," he has said of IMAX film. He means that technically.

The argument about streaming runs the same way. Netflix solved a real problem: convenience had always been a barrier to watching movies. Drive to a theater, buy a ticket, sit in a seat at a specific time. Netflix eliminated all of that. Any film, any time, any device, fifteen dollars a month. The prediction that followed — that theatrical cinema would collapse — was reasonable. Convenience had been the barrier. Remove the barrier, remove the need for theaters.

What the prediction missed was the difference between content and experience. Content is interchangeable. It fills time, it entertains, it passes through you and is replaced by the next thing in the queue. Experience is something else: you remember where you were. You want to see it again. You tell people. The films that require the theatrical experience — IMAX, scale, darkness, the communal act of watching in a room full of strangers — are not simply the films that happen to be large. They are the films where the medium is the point. Strip the medium and you have something that occupies the same amount of time and is not the same thing at all.

What Netflix actually accomplished was clearing the field. Every film that did not require the theatrical experience migrated to streaming. Mid-budget dramas, adult thrillers, original comedies — the films that used to fill theaters on a random Tuesday — moved to platforms where they could find audiences without competing for screens. Theaters were left with only the films worth leaving the couch for. Those films began setting records. The five biggest opening weekends in American box-office history all came after Netflix became dominant.

Netflix announced this week that it will report viewing data annually instead of twice a year. The company that disrupted Hollywood by demanding transparency from everyone else is becoming a black box about its own performance. The Odyssey, shot on a format so demanding it required building a camera that didn't exist, opened to the biggest preview night of 2026. Nolan has been saying since 2020 that the theatrical experience is irreplaceable. He had no data for it then. He has plenty now.

One More Thing

Netflix's business model requires every film it releases to be watchable on any screen — phone, tablet, laptop, television. Nolan made The Odyssey specifically so it cannot be experienced properly on a phone screen. That is not a limitation of the film. It is an argument about what films are for.

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