Netflix has announced that it will make the sequel to Crouching Tiger, Hidden Dragon as its first movie release. The film will be available on both Netflix and in IMAX cinemas at the same time when released.

This will be the first time Netflix has released its own film. The online streaming company already has several TV shows it has funded and created specifically for its platform. House of Cards and Bojack Horseman are two of its successful shows.

The first Netflix film will be a sequel to Ang Lee's Crouching Tiger, Hidden Dragon thanks to a deal made with the Weinstein Company.

As cinema sales suffer Netflix continues to grow in popularity with profits reported in July at £43.8m for the second quarter of 2014. Harvey Weinstein, co-chairman of the Weinstein Company said: "The movie-going experience is evolving quickly and profoundly, and Netflix is unquestionably at the forefront of that movement."

Netflix has already worked with the Weinstein Company to create a drama series called Marco Polo which will be released in December.

Crouching Tiger, Hidden Dragon: The Green Legend will feature Michelle Yeoh again as Yu Shu-Lien but Ang Lee will not direct, Chinese director Yuen Wo-Ping has already started filming in New Zealand.

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