The trade group for movie theatre owners in the United States isn’t gloating about Netflix’s recent stock losses – instead, they’re welcoming them with open arms, according to them.
The National Association of Theatre Owners addressed Netflix’s recent subscriber losses and related $54 billion market capitalization fall at CinemaCon, the annual Las Vegas meeting of movie exhibitors.
The conventional industry rationale that going all-in on streaming spending was the way to satisfy shareholders came to a crashing halt with Netflix’s hint of easing.
“If that is a path they want to go down, our door is open for wider, broader play of Netflix movies,” Fithian said. “They like movies just as much as we do.”
Netflix stock plunged nearly a week ago to its lowest level since January 2018, as investors responded to the streaming service’s first membership loss in over a decade. Ryan Gosling and Chris Evans’ “The Gray Man,” Ana de Armas’ “Blonde,” Adam Sandler’s “Hustle,” and Jennifer Lopez’s “The Mother” are among their upcoming films.
While some anticipated that this might aid conventional theatrical releases, Warner Bros. Discovery CEO David Zaslav sweetened the pot by declaring on Tuesday morning that he was less inclined to “truly collapse the entire motion picture business on streaming.”
Following his State of the Industry talk on Tuesday, NATO President and CEO John Fithian grinned and acknowledged to his partiality at a news conference.
“I represent movie theatre owners,” Fithian stated, praising Zaslav’s remarks. “But Netflix?” he asked. Those guys are fantastic. Ted Sarandos understands more about movies and television than anyone in Hollywood. He’s obsessed with his material.”
The concept of simultaneous streaming and theatrical premieres enraged movie theatre owners less than a decade ago. Slowly but steadily, they’ve warmed up to Netflix programming with limited theatrical runs (mostly for Martin Scorsese’s “The Irishman” and other awards qualifying plays). Fithian stated that the exhibitors would be willing to show certain of Netflix’s films on a larger scale.
“If that is a path they want to go down, our door is open for wider, broader play of Netflix movies,” Fithian said.
“They like movies just as much as we do.”
Nearly a week ago, Netflix shares plummeted to their lowest point since January 2018 as investors reacted to the streamer’s first subscriber loss in more than a decade.
Their upcoming movies include Ryan Gosling and Chris Evans’ “The Gray Man,” Ana de Armas’ “Blonde,” Adam Sandler’s “Hustle” and Jennifer Lopez’s “The Mother.”
While some speculated that this might help traditional theatrical releases, Warner Bros. Discovery CEO David Zaslav sweetened the pot on Tuesday morning by stating that he was less likely to “really collapse the whole motion picture business on streaming.”
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