It's possible that there's a Bioshock movie in the works. I don't know. I've stopped trying to keep up with these things, given how often you hear "game x is gonna be made into a movie!!" only to never have it happen. The stories you hear about games-turned-movies are usually wishful bullshit thanks to movie development hell. But if there was a movie, there would need to be a trailer. Something like this, maybe.
The 'trailer' is taken from footage from all sorts of other movies, from Titanic to Cloud Atlas, Total Recall, Shutter Island, amongst others. A pastiche that somehow manages to capture a great atmosphere that approximates what a Bioshock movie might have. It's remarkable. And the quotes selected from the game are practically made for trailers, don't you think?
So if there IS a Bioshock movie in the works, or if anyone is thinking about it, I think this trailer is a testament to the fact that it could totally work. So get on that, Hollywood. Rapture can exist at the bottom of the ocean and on the silver screen, I think.
Of course it couldn't have the same type of big reveal that the original Bioshock had, given that it requires interactivity–the knowledge that all your actions were actually you acting as a puppet for someone else, I mean. But the movie wouldn't have to go there. There's a compelling enough premise that a good narrative could be created specifically for movies, without having to just repackage what the game provided. It's probably better that way. Playing to a medium's strengths is typically the best plan.