Netflix May Buy The Legendary Egyptian Theatre In Hollywood
According to the Los Angeles Times, Netflix may be gearing up to buy the legendary Egyptian Theatre on Hollywood Boulevard. Despite the fact Netflix has been ostracized from the rest of the movie business, they bought one of the city's most historic institutions.
Currently, the Los Gatos company is talking about buying the Egyptian Theatre from the American Cinematheque. This means Netflix may be trying to get into good graces with the movie industry, who has, for the most part, been hostile to them for diminishing the old way of going to the movies, and thus, traditional business and cultural practices.
Deadline was the first to report on the talks, which may be in the ending stages. However, a deal between all concerned parties hasn't been established yet. A report from The Times claimed Netflix was trying to buy theaters in both LA and New York.
Moreover, they were reportedly interested in buying the Los Angeles-based Landmark Theatres. The idea behind owning the venues is to make it easier for movies created on Netflix to get theatrical releases during the Oscars season.
In other words, Netflix wants its creators to get credit from prestigious awards institutions like the Academy Awards, for instance. This past year, Netflix managed to get some Oscar voters, securing nominations for Alfonso Cuaron's Roma as well as The Balad of Buster Scruggs from The Coen brothers.
At the CinemaCon in Las Vegas last week, the idea of Netflix becoming a major player in the movie-making circuit was a hot topic. John Fithian, for instance, from the National Association of Theatre Owners, claimed the industry should do what it can to protect the traditional business practice of putting movies in theatres approximately three months before having them available at home.
John said before the audience that having a regular theatrical release raising the level of prestige to a movie that can't be replicated by Netflix or any other company.