Las Vegas, Nevada – Netflix CEO Ted Sarandos met with movie theater owners on the sidelines of an industry gathering, the trade association chief said Tuesday, as cinemas look for ways to work with a one-time foe.
The explosion of streaming over the last decade or so – led chiefly by Netflix – has taken a huge bite out of the box office as audiences opt to stay on the couch instead of venturing to the theater.
But streamers have shown an increased willingness in recent years to offer the films they bankroll for limited theatrical release, both as a way of drumming up publicity and with an eye on the Oscars, which demand films have been shown on the big screen.
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Sarandos huddled over the weekend with representatives of Cinema United, the organizers of the annual CinemaCon jamboree in Las Vegas, for what the group’s president Michael O’Leary said was “a constructive meeting.”
“I think there’s a recognition that, you know, we need to look for ways in which we can help each other,” O’Leary told journalists on Tuesday.
“He’s obviously got a specific business model. We have a specific business model. Can you find a sweet spot that allows those two things to complement each other a little better?”
The meeting was scheduled while Netflix was in the thick of a bid for legacy studio Warner Bros., but went ahead even after Paramount Skydance elbowed the streamer out of the way with a $110 billion offer for its rival.
O’Leary said talks on Sunday were preliminary, and there were no agreements reached, but he heralded the willingness the Netflix boss had shown.
“For him to fly out and talk with us… I’m a big believer in being in the room and talking face-to-face with people. So I think from that regard alone, it’s positive.”
O’Leary said it was premature to be suggesting that Netflix was ready to be a full participant at CinemaCon, where studios typically preview their slate of theatrical releases.
But, he said, it was not outlandish.
“Our door is open to anybody who wants to be in theatrical in a meaningful way. So if you’re asking me, in two years (will they be) doing a Netflix presentation, because there’s half a dozen movies going into theaters with fully supported marketing… Yeah, absolutely, we’ll find time.”
