Okay, so before we start lighting our torches and storming the castle, understand that yes, it’s being reported that Netflix is about to purchase a prestigious LA theater, but no, it doesn’t mean that the streaming service is looking to destroy the theatrical experience from the inside. In fact, from all accounts, it appears that Netflix’s interest in purchasing a theater is more about the preservation of the theatrical experience than its normal role as being a disruptor.
According to Deadline, Netflix is in talks with American Cinematheque to buy the Egyptian Theatre in Los Angeles. However, this isn’t the first step in the streaming service buying out multiple theaters and starting its own chain to rival AMC, Regal, or Cinemark. Instead, the report says that Netflix is interested in purchasing the Egyptian as a way to preserve it and keep it open for business, as the theater has fallen on hard times in recent years.
The deal is being viewed as a partnership, where the Egyptian will still be under the control of American Cinematheque for its weekend screenings, as well as the occasional lectures and special events like film festivals. However, Netflix will control the weekday screenings at the theater and will utilize the space for premieres of some of its bigger projects. And the report states that this purchase won’t affect the streaming service’s relationship with other independent theaters.
The proposed sale is more of a smart publicity move for Netflix, who is hoping to earn the respect of passionate cinephiles that view the streaming service as some sort of enemy, as they aim to preserve the theatrical experience. Of course, this whole time, Netflix has never shied away from naming itself a disruptor in the industry but has always talked about the importance of theaters and the big-screen experience. As you might imagine, it’s a debate that isn’t going to end anytime soon.
However, at least in the process of this debate, a classic Hollywood theater is going to reap the benefits.