Can movie theaters save Netflix? 'Door is open,' says trade group boss

tech.hindustantimes.com:

John Fithian, head of the movie theater industry's trade body, is used to shrugging off claims that Netflix will spell doom for the big-screen, popcorn-munching experience.

But with box offices bouncing back from the Covid-19 pandemic, and Netflix stock plummeting after its first loss of subscribers in a decade, Fithian predicts movie theaters could even help the streaming giant adapt to an uncertain future.

"The theater door has been open to play Netflix movies for years," Fithian told AFP at CinemaCon, the annual Las Vegas summit held by the National Association of Theatre Owners.

Fithian said he has held "lots of discussions" with Netflix content chief Ted Sarandos and "urged him to take a shot at seeing if they can also do well theatrically."

"I don't look at share prices one way or the other -- I just look at the data... you can make more money, even if you're a streamer, if you put your best movies in theaters first."

Releasing films widely on big screens before offering them to subscribers would long have seemed anathema to Netflix's wildly successful business model, which has sent the likes of Disney and Warner scrambling to catch up in the so-called streaming wars.

Netflix has revolutionized Hollywood and the way movies are consumed, splurging huge amounts to lure top stars away from the traditional studios and keep cinephiles on their couches.

But Netflix's loss of 200,000 users -- announced last week -- spooked Wall Street, sending shares plunging more than 30 percent in a single day.

Netflix has already announced new strategies it did not previously countenance, including cheaper subscriptions with advertising.

The streamer currently releases its most prestigious titles in theaters for limited runs -- so that they are