Netflix seems intent on sticking with the movie business, and who can blame them. The streamer is leading the industry in Oscar nominations this year with 24 nominations compared to the various other studios.
Even so, the tension between Netflix and theatrical exhibitors is what kept awards contenders like “The Irishman” and “Marriage Story” from securing a wide release despite the reviews and talent involved. Essentially the exhibitors are refusing to budge on the 90-day exclusivity window for theatrical runs, a window Netflix defies by making the film available on the streamer usually within a few weeks.
Speaking with investors late last week at the Upfront Summit in Pasadena, Netflix chief content officer Ted Sarandos believes it’s only a matter of time before the industry adapts to the modern era, saying: “The only thing standing in the way is the major chains.”
Sarandos says Netflix’s recent purchase of the Egyptian Theatre in Los Angeles and long-term lease for Manhattan’s Paris Theater show company’s commitment to the film business, with hopes to turn the former into “a real hub for film culture”. The success of the Christmas-themed “Klaus” has also encouraged Netflix to boost animation production with the goal of pushing out four to six animated features a year.