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For future filmmakers The Great Gatsby will be as free as.... Romeo and Juliet. But the public domain does not just bring financial freedom, it also provides cultural leeway. Someone could reimagine the story with a more inclusive cast, or set in a different era. They could reinterpret it, tell it from the perspective of Myrtle or Jordan, or make prequels and sequels.
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This is what I've never understood about copyright limitations for fiction. People can ALREADY create versions of the Great Gatsby. Just as there are a gajillion retellings of Romeo and Juliet...that don't use the character names "Romeo and Juliet".