Superheroes come in all shapes and sizes. They also exist outside of the big IPs.
In the 1996 film, The Phantom, the title character (Billy Zane) is the latest line of superheros. Four hundred years ago, his ancestor witnessed his father’s murder on their ship. When he finally returns to dry land, he swears that he will become a version of Robin Hood. This legacy is passed down from father son until we get to what was then the present day. The current Phantom’s latest is nemesis Xander Drax (Treat Williams). There is also the love interest in the form of his ex, Diana Palmer (Kristy Swanson) and the wannabe love interest/baddie Sala (Catherine Zeta-Jones).
Like The Shadow (1994), it is a live action version of an old time radio show. As narratives go, it is rather generic. While the action is decent, there is nothing that makes it stand out in the genre.
Do I recommend it? Maybe.