Bram Stoker's widow has outright declined to sell the film rights for Dracula to F.W. Murnau, prompting him to forge ahead with the project regardless. He transforms the narrative into Nosferatu, altering character names, settings, and titles in the process. As a result, Count Dracula becomes Count Orlock, and the locations shift from Transylvania and England to Germany. The character of Mina is renamed Ellen. After initiating the filming on a soundstage in Berlin, Murnau is eager to shuttle the cast and crew to Czechoslovakia, where they will be collaborating with the enigmatic Max Schreck, portrayed by Willem Dafoe, a vampire chosen to embody the role of a vampire.
Murnau introduces Max Schreck as a distinguished character actor from the Reinhold Company, emphasizing that he will maintain his character throughout the production. However, Murnau's producer, Albin Grau, portrayed by Udo Kier, and the crew are left in the dark about Schreck's true nature. As a vampire, Schreck diverges from the familiar image of Dracula. He is old and bald, unable to recall his human life, burdened only by memories of a woman who has faded from his mind. With his powers diminished, he struggles without his former abilities, isolated within the decaying walls of an abandoned abbey and surviving on the sparse blood of rats. He finds his existence mirrored in the tragic tale of Dracula, particularly resonating with a moment in which Dracula is forced to serve Harker due to a lack of servants.
Schreck's character experiences existential angst, obsessively reading Goethe's poem about Tithonus, a mortal who craved immortality yet neglected to request eternal youth, now aged and powerless like him. He has consented to participate in the film with the understanding that Murnau will provide him with blood throughout the shoot, culminating in a promise that he can feed on Greta, the actress playing Ellen Harker.
As production unfolds, Schreck's performance oscillates between sublime and unsettling; he authentically embodies the essence of a vampire while revealing his eccentricity. Adding to the unsettling atmosphere, local villagers are stirred with fear about the nosferatu, heightened further when photographer Wolfgang Mueller, played by Ronan Vibert, is discovered in a weakened state. During a pivotal scene where Jonathan Harker accidentally cuts his finger, Schreck momentarily loses composure and drains Wolfgang of more blood than intended, leading Murnau to sternly warn him against harming his team, reminding him that no Greta means no film. Although Schreck manages to exercise control, feasting on ferrets, rats, and some donated blood, filming at sea remains off-limits for him, resulting in Murnau constructing a replica ship on dry land.
Yet, the climactic sequences, where Orlock preys upon Ellen and meets his demise in the sunlight, must be filmed on the island of Heligoland, compelling Murnau to arrange for Orlock to be flown there. Sadly, as Wolfgang grows too weak to continue, they bring on a new photographer, Fritz Wagner, played by Cary Elwes.
By this point, suspicions regarding Schreck's true nature begin to stir among cast and crew; they lock their doors tightly at night. In a moment of vulnerability, Albin and Fritz search for Schreck's coffin only to find nothing. Their fears become more concrete when they discover Murnau under the influence of laudanum, revealing in a daze that Max Schreck does not exist as initially portrayed. Instead, Murnau confessed to discovering him in a book about tyrannical Slovakian rulers rumored to be vampires, unraveling the truth of how he found Schreck while scouting locations.
Faced with this unsettling reality, Murnau admits the chilling bargain he struck: Greta's life in exchange for Schreck's performance. Despite their horror, Albin and Fritz agree to proceed with filming the final scenes that night.
In a last-ditch effort, Murnau prepares an old warehouse as a makeshift set for the climactic bedroom scene, ensuring daylight is a flick of a switch away. As Greta, attired in a nightgown, lies on the bed, Orlock watches with ravenous desire. With Fritz positioned behind the camera and Albin on standby, Murnau begins barking directives. At that crucial moment, Greta glances into a mirror, horrified to see that Schreck casts no reflection. In a panic, she screams, prompting Murnau to sedate her with laudanum, rendering her compliant.
At this point, Schreck becomes desperate, exclaiming, > "I vant her now," yet Murnau insists that the death scene must be filmed first. As they complete those shots, Schreck can no longer contain himself and lunges for Greta’s neck. Surprisingly, Murnau keeps the camera rolling as Schreck drinks deeply. After satisfying his thirst, Schreck succumbs to slumber, his snores resonating in the stillness.
As dawn approaches, Murnau seeks to capture an authentic death scene and commands the door to open, flooding the room with sunlight. Unbeknownst to him, Schreck has dismantled the trap. The noise rouses Schreck, inciting his fury at being outsmarted. Attempts made to subdue him yield no results as he breaks Fritz's neck and turns on Albin. Seizing control of the camera, Murnau informs Schreck that the current ending is not feasible and requests that he return to his original mark. Remarkably, Schreck complies, leaning back into Greta’s neck for another sip.
Suddenly, the outside crew bursts into the room, allowing sunlight to breach the chamber, ultimately leading to Schreck's demise—this time, it is permanent. After concluding the shot, Murnau looks up from the camera, a satisfied smirk crossing his face as he declares, > "I think we have it."
