The Phantom

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Netflix Rumored to Be Developing New Series Based on THE PHANTOM — GeekTyrant

It looks like The Phantom might finally be getting another shot at live-action glory. A new rumor is spreading online claiming that Netflix is developing a series based on the classic comic strip hero. There’s no word yet on whether the project will be animated or live-action, but signs point to

geektyrant.com

A Long-Forgotten Classic Hero Is Reportedly Getting A Netflix Show

Is Netflix resurrecting this influential comic book hero for a new series?

www.cbr.com

I hope it's true!

The Phantom should and could be a thriving franchise - tv or film.
It has every element the "superhero" genre dreams of, in fact it established much of it. Yet can't seem to make a go of it.
Plus the Legacy aspect, from the original classic setting, to the mantle then endlessly passed to modern generations, allowing it to continue indefinitely, without needing constant reboots.

The only thing Hollywood will navigate around, is the european suposed champion or icon to the "fictional Asian/Indian-Ocean/African nation of "Bangalla" premise.
And anything indicating or portraying something like the Singh "Brotherhood" or the likes, as some evil piracy or crimanal organization.
All easy enough to re-imagine, without betraying the main premise.

As far as the origin, by just placing the mysterious lost island in some mythic hidden Northern or "Celtic" sea, and it's peoples, with their own tribal "Phantom" myth, skull cave, etc. witch he adopts.
Similarly making the ancient pirates, and contemporary versions, come from that same region/setting.
The specific location of the original fictitious "moving" island and Skull cave where the first ancestor of the Phantom washed ashore, were never essential. As Falk himself moved it a few times.
The fact that it can't be located and there are legends about it, should even play into the whole mystery of it. With everyone believing a different take.

The other, I think the bright purple suit, despite the success of several colorful costumed heroes since X-Men's all black, I think is still a hard sell for most modern audiences. Especially for a character called "The Phantom" and "Gray Ghost", meant to invoke stealth.
They really need to drop the bright purple costume, despite what the supposed "purists" want. I know sacrilege!

The original Phantom was a black and white strip, his costume was conceived as all grey and black.
One of his original names was the "Gray Ghost" (the intended homage in Batman Animated), point being, he was a literal Gray Ghost.
Then when it got picked up for the Sunday pages, (after Superman debuted and got popular) the publisher asked that Lee Falk add a bright color.

But the original Phantom, the one that started it all, as Lee Falk saw him, was intended to be a stealthy, neutral all gray. A few panels that emphasize it in the actual text:

What's funny is because the original was grey, when other nations who were circulating the dailies, or repackaged reprints, they often chose their own colors to adapt the costume.
Hence in International Phantom prints, you often see Red, Blue, sometimes Green clad Phantom. everyone chose their own.
Which again adds to the premise and mystery a neutral gray, which everyone would see as their own.

With shades of gray, a live action costume could include a hint of purple, just toned down, maybe adding the tribal skull elements the 96 movie added, but pretty much keeping the general grey look, and maintaining a sense of invisibility and stealth, as the name always implied.

As far as setting, I would personally prefer the Phantom set in the pulp era, set around the time of its debut, late 30s - early 40s, with flashbacks to the age of piracy; late17th 18th century era original Phantom.
Though, I'd be fine with a contemporary to more modern Phantom too, as the franchise really lends itself to both. So long as in-story, they bridge the gap acknowledging the Legacy aspect, and always keep any "updated" costume, somewhat thematically recognizable with the original.