Netflix’s Acquisition Of Historic Hollywood Egyptian Theater In

As Netflix continues maneuvering to maintain its foothold amid the streaming wars, the service has additionally been battling towards Hollywood establishments, that are fretting in regards to the (attainable) finish of film theaters. This has led to Steven Spielberg bashing Netflix (whereas additionally conspicuously serving to Apple launch its personal streaming service) and Helen Mirren telling Netflix to bugger off at CinemaCon’s latest gathering of theater homeowners. Well, Netflix is making one other chess transfer whereas transferring to accumulate its first brick-and-mortar theater, the historic Egyptian Theater on Hollywood Boulevard.

Deadline reviews that the deal will price “tens of millions of dollars” with the first aim of Netflix enhance its picture with Hollywood heavyweights who’re nervous about altering tides. In addition, the acquisition of the pharoah-themed constructing (which has held film premieres for practically a century, starting with 1922’s silent Robin Hood) would assist the present homeowners, non-profit American Cinematheque, develop extra financially sound. The acquisition isn’t anticipated to influence Netflix’s different relationships (with Landmark and Ipic theaters, for instance, which display screen its motion pictures) and may convey mutual back-scratching:

Both events take a look at this as one thing of a partnership, sources stated. Netflix will program its screenings for weekday nights whereas the Cinematheque runs screenings, lectures and occasional festivals on weekends on an autonomous foundation. The group will be capable of broaden its programming with the monetary sources from this deal. Netflix will maintain occasional particular screenings and occasions for a few of its splashiest film launches. Cinematheque additionally will proceed to run its screenings on the historic Aero Theatre in Santa Monica, on which it holds a 10-year lease.

This is, in fact, solely the newest twist within the Netflix saga that’s presently stricken by angsty subscribers who don’t perceive why beloved exhibits get the ax whereas the streaming service launches a number of new sequence each week. Those viewers are nonetheless peppering Netflix tweets with interrogations every day, and nobody’s fairly certain how Netflix’s enterprise mannequin can maintain its elevated prices, apart from extra worth hikes. Well, perhaps extra red-carpet screenings at this historic theater will assist issues? Only time will actually inform the story.

(Via Deadline)