Netflix CEO: Going to Theater Outmoded, Saving Hollywood

At the Time100 Summit, Netflix CEO Ted Sarandos boldly stated that the streaming giant is "saving Hollywood," despite the ongoing challenges faced by the traditional film industry. Sarandos emphasized Netflix's consumer-centric approach, saying, "We deliver the program to you in a way you want to watch it." He addressed the declining box office sales, suggesting that audiences prefer watching movies at home. While acknowledging his personal enjoyment of theatergoing, Sarandos believes it's "an outmoded idea for most people."

Given Netflix's vested interest in promoting streaming over cinema, Sarandos' views align with the company's business model. Hollywood's struggles are evident, with family films like "Inside Out 2" and video game adaptations like "A Minecraft Movie" attempting to bolster the industry. Even Marvel movies, once guaranteed box office hits, are now experiencing inconsistent success.

The notion of cinema-going being outdated is further supported by actor Willem Dafoe's comments from last year. Dafoe lamented the decline of the cinematic experience, noting that the attention given to films at home differs significantly from the focused engagement in theaters. He highlighted the social aspect of movie-going, which he feels is being lost as people increasingly opt for casual, distracted viewing at home.

In contrast, filmmaker Steven Soderbergh, in 2022, expressed optimism about the future of movie theaters. He acknowledged the appeal of the cinematic experience and stressed the importance of programming and engagement to keep audiences, particularly younger ones, coming back. Soderbergh believes that theaters can continue to coexist with streaming services, provided the industry focuses on attracting and retaining audiences across generations.