Netflix CEO Ted Sarandos has boldly declared that the streaming giant is "saving Hollywood," while suggesting that the traditional experience of going to the cinema is becoming outdated for the majority of viewers. Speaking at the Time100 Summit, Sarandos defended Netflix's role in the industry, despite the noticeable trend of film production moving away from Los Angeles, the shrinking theatrical window, and the declining quality of the cinema experience for audiences. He emphasized Netflix's consumer-centric approach, stating, "We deliver the program to you in a way you want to watch it."
Addressing the drop in box office sales, Sarandos posed a rhetorical question to the audience: "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While he expressed a personal fondness for the theater, he also suggested that the concept of theatergoing is becoming outdated for most people. This perspective aligns with Netflix's business model, which prioritizes streaming over traditional cinema visits.
Hollywood's challenges are well-known, with recent successes largely driven by family films like "Inside Out 2" and video game adaptations such as "A Minecraft Movie." Even Marvel movies, once a sure bet for blockbuster success, are now experiencing inconsistent box office results.
The shift in viewing habits has been noted by industry veterans like actor Willem Dafoe, who lamented the closure of cinemas and the different level of attention viewers give at home. "Which is tragic, because the kind of attention that people give at home isn’t the same," Dafoe remarked, highlighting the social aspect of cinema that is lost when watching movies at home. He expressed concern over the impact on more challenging films that require a focused audience.
In 2022, filmmaker Steven Soderbergh shared his thoughts on the future of movie theaters, emphasizing the enduring appeal of the cinema experience. He believes that the industry's future depends on attracting and retaining younger audiences as they age. Soderbergh stressed the importance of programming and engagement to keep the cinema-going tradition alive, asserting, "There's still an appeal to seeing a movie in a movie theater. It's still a great destination."
