Jason Kempin/Getty Images Harvey Weinstein with Netflix Chief Content Officer Ted Sarandos.
The announcement regarding the first distribution model of its kind drew backlash from theater owners who feared the dueling release will result in it cannibalizing their business.
But one person who believes strongly in the film's double release? Harvey Weinstein, chairman of The Weinstein Company, who is producing "Crouching Tiger: The Green Legend."
"The reason why [Netflix is] winning is they have a vision," Weinstein said at the Produced By: New York conference on Saturday. "Most executives love money, they don't love movies … they [Netflix] love movies."
"They gave us a big canvas to paint on," Weinstein added, one that included "all the toys and candy."
According to Variety, "The deal was about giving consumers choice, but for the Weinstein Co., it was also about securing a $60 million budget for a massive action film - the kind of picture the indie label rarely gets to make."
For Netflix, the $60 million budget is just a small part of the streaming service's new spending strategy. Netflix content chief Ted Sarandos announced earlier this year that it would spend a whopping $3 billion on making TV and movies in 2014.
Netflix also recently announced that it will bankroll four exclusive Adam Sandler films.
As for the initial outcry from exhibitors regarding Crouching Tiger's release model, Weinstein says he was surprised by it because, "Honestly, we thought IMAX had that in hand," adding that his personal preference would be to see the film in IMAX.