Netflix is set to spend eight figures to buy the iconic Egyptian Theatre in Hollywood – but has no bigger plans for cinema exhibition.
One of the most famous cinemas in America is the The Egyptian Theatre on Hollywood Boulevard in Los Angeles – and it looks as thought it’s the next item on Netflix’s shopping list.
The streaming giant is said to be in talks with the owner of the theatre, American Cinematheque, with a view to buying it and sort of move in the process into the cinema business. This isn’t, though, a case of Netflix looking to acquire the first in a chain of cinemas. It’s still going to be a streaming company. But rather it’s trying to get in Hollywood’s good books.
It’ll take an eight figure investment to buy The Egyptian, and Netflix will use this for some of its own special screenings, but otherwise leave it as is. Netflix has faced backlash from Hollywood over its minimal interest in giving its own funded films a theatrical window, to the point where there’s an argument that it cost Roma a Best Picture Oscar (Green Book prevailing that year).
The purchase of The Egyptian may just be seen as a positive step amongst the community, and might also see Netflix treated less as the outsider, and less as a threat. More as we hear it.
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