Warner put Matrix 4 on HBO Max the same day it opened, and lost ~$100M

The Matrix franchise had been dormant since 2003, and Warner Bros. flirted with a fourth film for years before Lana Wachowski returned to write and direct a sequel, announced in 2019. The studio greenlit it on a reported $190 million budget, expecting a return to the franchise that had defined the cyberpunk blockbuster.

In late 2020, facing the pandemic's collapse of cinema, Warner made a sweeping decision: every 2021 film, including Matrix 4, would stream on HBO Max the same day it hit theatres. The move was meant to boost its new streaming service but was made without renegotiating with co-financiers and profit participants.

The Matrix Resurrections opened on 22 December 2021 to mixed reviews and a soft $37.7 million domestic gross, finishing at $157.4 million worldwide against its $190 million budget — less than a third of what the 1999 original earned in adjusted terms. Analysts estimated Warner's loss at roughly $100 million.

Co-financier Village Roadshow sued Warner, arguing the day-and-date streaming decision destroyed the film's box office and damaged the franchise's value. An arbitrator later ruled against Village Roadshow, and it agreed to pay Warner $57 million in 2026 to settle claims tied to the film's financing.