HOLLYWOOD – With anticipation building for the sequel to its 2020 action hit, “The Old Guard 2” represents more than just another blockbuster for Netflix; it’s a critical test of the company’s ability to forge a durable, original film franchise from the ground up.
- Blockbuster Viewership – The first film, “The Old Guard,” was one of Netflix’s most successful original movies, reaching a reported 78 million households in its first four weeks of release.
- The Franchise Strategy – Netflix is investing billions in creating its own intellectual property (IP) to compete with studios like Disney and Warner Bros., which own established universes like Marvel and DC.
- Star Power as a Driver – Charlize Theron not only stars in the franchise but also serves as a producer, giving her significant creative influence and underscoring her status as a bankable modern action hero.
The performance of the upcoming sequel will offer a clear verdict on whether Netflix’s massive investment in original, star-driven action films can translate into the kind of long-term, valuable IP that sustains a global entertainment company.
The Franchise Equation
A blockbuster sequel seems straightforward, but for Netflix, ‘The Old Guard 2’ is a crucial variable in its multi-billion dollar franchise equation. The real battle isn’t fought by immortal warriors on screen, but in the streaming wars, where original intellectual property is the ultimate prize. The performance of this film is less about a single hit and more about proving a long-term, sustainable business model can be built from scratch.
How the First ‘Old Guard’ Changed the Game for Netflix
When “The Old Guard” premiered in July 2020, it landed at a unique cultural moment. With global lockdowns pushing audiences toward at-home entertainment, the film delivered a high-concept, comic-book-based action spectacle directly to living rooms. The story of a covert team of immortal mercenaries led by the world-weary Andy (Charlize Theron) struck a chord.
Netflix reported that 78 million member households chose to watch the film in its first 28 days, placing it among the streamer’s top original movie launches of all time. This success was a powerful proof-of-concept for the company’s fledgling blockbuster strategy. It demonstrated that Netflix could produce a film with the scale, star power, and audience appeal to rival a traditional theatrical release, all without needing a box office. The question now is whether the sequel, directed by Victoria Mahoney, can replicate that success and prove the concept is sustainable.
What’s at Stake in the Streaming Franchise Wars
For Netflix, the goal isn’t just to make hit movies; it’s to build franchises. In the fiercely competitive landscape of the “streaming wars,” owning intellectual property is paramount. Competitors like Disney+ and Max (from Warner Bros. Discovery) are built on decades of beloved IP, from Star Wars and Marvel to the DC Universe and Harry Potter. These are reliable assets that guarantee a subscriber base.
Netflix, by contrast, has had to build its universe largely from scratch. This has led to a multi-billion dollar content strategy focused on creating new, owned franchises. “The Old Guard” stands alongside projects like “Extraction” starring Chris Hemsworth and “The Gray Man” with Ryan Gosling as a cornerstone of this effort. A successful “Old Guard 2” would accomplish several key goals: * Validate the Model: It would prove that its original properties can generate the same level of recurring audience excitement as established theatrical franchises. * Create a Durable Asset: A thriving franchise becomes a valuable library asset that can attract new subscribers and retain existing ones for years to come. * Justify Future Investment: Success breeds confidence, encouraging further investment in big-budget, original storytelling.
Failure to launch a successful sequel, however, raises questions about the long-term viability and cost-effectiveness of creating blockbuster IP in the streaming-first era, where success is measured not in ticket sales but in opaque viewership data and subscriber metrics.
Why Charlize Theron Is a Modern Action Powerhouse
Central to the success and potential of “The Old Guard” is Charlize Theron. Her career has seen a deliberate pivot into one of Hollywood’s most credible and compelling action stars, a trajectory solidified by iconic roles in Mad Max: Fury Road and Atomic Blonde. In “The Old Guard,” she delivers both the physical prowess and the dramatic weight required to anchor a story spanning centuries.
Crucially, Theron’s involvement goes beyond her on-screen performance. Through her production company, Denver and Delilah Productions, she is a key producer of the franchise. This role gives her a significant stake in the creative direction and commercial outcome of the films. It reflects a growing trend of A-list stars taking greater control of their projects, ensuring quality and shaping the IP they help create. Theron’s commitment not only elevates the material but also provides the franchise with a powerful, consistent advocate, making her an indispensable partner in Netflix’s high-stakes franchise gamble.
Beyond the Stream: A Franchise’s True Value
Ultimately, the performance of ‘The Old Guard 2’ will be measured not just by how many households tune in, but by its power to transform a hit film into a durable cultural asset. It represents a crucial stress test for Netflix’s entire blockbuster strategy—a multi-billion dollar bet on creating its own iconic intellectual property from scratch. Anchored by the star power and producer acumen of Charlize Theron, the sequel’s reception will send a clear signal about the future of franchise-building in the fiercely competitive streaming age.
