The movie will be based off of the 80s' video game from Don Bluth and Cinematronics. Bluth will also produce.
Dragon's Lair was one of those games you play as a kid and never forget. It's not really a very good game since it's mostly just a series of Quick-Time Events as you trial-and-error your way through each scene. But it looked like you were playing an actual cartoon. No other game looked as good. It really looks like you're playing a game version of Disney's The Sword In The Stone.
Dragon's Lair can be completed in just 12 minutes if you don't make any mistakes. It was released originally on laser disc arcade cabinets.
Previously, the game was adapted into an animated TV series. Fantasy writer Alan Dean Foster attempted to make a film back in the 80s' but the project fizzled out. (Foster was the ghostwriter for the original novelization of Star Wars though the novel was credited to George Lucas).
Now Netflix, after a year of negotiations, will produce and release the movie as live-action rather than animated.