Netflix CEO Ted Sarandos recently asserted at the Time100 Summit that the streaming giant is "saving Hollywood." He emphasized that despite the challenges facing the film industry, including the migration of production away from Los Angeles, the reduction in theatrical windows, and declining box office performances, Netflix remains a beacon for the industry. "No, we're saving Hollywood," Sarandos stated confidently, highlighting Netflix's consumer-centric approach. He further explained, "We deliver the program to you in a way you want to watch it."
Addressing the decline in theater attendance, Sarandos posed a rhetorical question: "What is the consumer trying to tell us? That they’d like to watch movies at home." While he expressed a personal fondness for the cinema experience, he also suggested that for most people, the traditional movie theater model is outdated. "I believe it is an outmoded idea, for most people," he clarified, "Not for everybody."
Given Sarandos's position at Netflix, it's unsurprising that he champions streaming over traditional cinema. Hollywood's ongoing struggles are evident, with films like "Inside Out 2" and "A Minecraft Movie" bolstering the industry, while even reliable hits like Marvel movies face uncertainties at the box office.
The question remains: Is the cinema experience becoming obsolete? Last year, actor Willem Dafoe lamented the shift from theaters to home viewing, calling it "tragic" due to the different levels of attention and engagement. He emphasized the social aspect of movie-going, which he feels is lost at home. "More difficult movies, more challenging movies cannot do as well when you don’t have an audience that’s really paying attention," Dafoe noted, missing the communal discourse that follows a theater visit.
In 2022, filmmaker Steven Soderbergh offered his perspective on the future of movie theaters amidst the rise of streaming. He acknowledged the enduring appeal of cinema but stressed the importance of attracting and retaining younger audiences as they age. Soderbergh believes that programming and engagement are crucial for the survival of the movie-going experience. "I think people still want to go out," he said, underscoring the unique allure of seeing a movie on the big screen. He emphasized that the future of theaters depends on their ability to engage audiences, not just on the timing of movie releases.
