Netflix CEO: Theater Visits Outdated, Saving Hollywood

At the Time100 Summit, Netflix CEO Ted Sarandos confidently declared that the streaming giant is "saving Hollywood," despite the industry's struggles with production moving away from Los Angeles, shrinking theatrical windows, and a decline in the overall cinematic experience. Sarandos emphasized Netflix's consumer-focused approach, stating, "We deliver the program to you in a way you want to watch it." He also addressed the downturn in box office sales, suggesting that consumers prefer watching movies at home. While acknowledging his personal enjoyment of theatergoing, Sarandos believes it's "an outmoded idea for most people."

These views align with Netflix's business model, which prioritizes streaming over traditional cinema experiences. Hollywood's challenges are evident, with family films like "Inside Out 2" and video game adaptations like "A Minecraft Movie" supporting the industry, while even reliable blockbusters like Marvel movies face inconsistent success.

The question of whether cinema-going is becoming outdated has been debated by industry figures. Actor Willem Dafoe expressed concern over the loss of the communal aspect of movie watching, noting that at-home viewing lacks the same level of attention and social engagement. "More difficult movies, more challenging movies can not do as well, when you don’t have an audience that’s really paying attention," Dafoe remarked, lamenting the decline in the social experience of cinema.

Filmmaker Steven Soderbergh, known for his "Ocean's Eleven" series, offered a more optimistic view on the future of movie theaters. He believes there is still an appeal to the cinematic experience and that the key to its survival lies in attracting and retaining younger audiences as they age. Soderbergh highlighted the importance of programming and engagement, stating, "There's still an appeal to seeing a movie in a movie theater. It's still a great destination." He emphasized that the future of cinema depends not on the timing of releases but on the industry's ability to engage its audience effectively.