- Netflix buys a movie theatre, which is bad news for movie theatres.
Netflix, the biggest Over-The-Top (OTT) multimedia entertainment business in the US, has made a lot of money during the COVID-19 pandemic because the outbreak has helped the streaming industry grow. Its stock reached all-time highs in 2020, and in March of that year, it was worth more than the Walt Disney Company.
Reed Hastings, one of the founders of Netflix, said that the company would be spending more on making programming in order to compete with other OTT services like Disney+ and Apple TV+. Netflix is the leader in the OTT market thanks to its large library of material.
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It’s interesting that Netflix has entered the traditional theatre business, which used to see streaming services like Netflix as a big threat to its viewers. But starting last year, some Netflix movies could be seen at theatres in their own countries, like CGV in South Korea.
But in the past few years, Netflix has been showing some of its films in Korean theatres. These include White Noise, Bardo, False Chronicles of a Handful of Truths, and Pinocchio by Guillermo del Toro.
Going to the theatre to watch a movie is very different from getting it on a phone or other device. Theatres have better sound quality, bigger screens, and no stop buttons, so you can really get into the experience.
In 2020, Netflix bought the Paris Theatre in Manhattan and then the Egyptian Theatre in Los Angeles. This made news and showed that Netflix was committed to both streaming and traditional movie theatre experiences.
2. In 2023, the Egyptian Theatre will open again.
It was recently revealed in The Guardian that Netflix is almost ready to reopen the famous Egyptian Theatre, which they fixed up with $70 million worth of repairs.
After going through a lot of repairs, the Egyptian Theatre, which Netflix bought in 2020, will be used for the openings of big films and other special events.
The Egyptian Theatre has been a cultural heritage place in Los Angeles since 1993. It opened in 1922 in Hollywood.
In its heyday, the Egyptian Theatre was a sign of Hollywood’s golden age. It was there that famous films like “Ben-Hur” and “Star Wars: Return of the Jedi” were shown for the first time.
Ted Sarandos, CEO of Netflix, said at the reopening ceremony, “The restoration of the Egyptian Theatre shows that Netflix, a newcomer to Hollywood, values the history of this place.” He said that the Egyptian Theatre was a holy place for telling stories and pointed out that famous people like Charlie Chaplin, Audrey Hepburn, and Marlon Brando had sat there in the past.
3. This was the first showing at the Egyptian Theatre.
Netflix has picked the movie The Killer, which stars Michael Fassbender and was directed by David Fincher, to be shown at the Egyptian Theatre for the first time. A theatre is the only place where you can fully understand how The Killer uses sound, making for a tense and immersive experience.
Russell Brand was right to yell at the hosts of Morning Joe and say that the interview was very different before the camera came on.
Even though The Killer is a Netflix movie, the only place where viewers can fully experience its chilling tension is in a movie theatre.
Along with The Killer, Netflix recently showed Bradley Cooper’s directed, co-written, and starred in Maestro. The movie shows how the American composer and pianist Leonard Bernstein lived and got married. Maestro will be shown for the first time in South Korea on December 6, 2023.
As Netflix keeps trying new ways to keep people interested, it looks like exciting things are on the way for the future of entertainment.
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