Netflix isn’t considering buying movie theater, says co-CEO


Netflix executive Ted Sarandos arrives for the world premiere of his film “The Irishman” in New York, New York, United States on September 27, 2019. REUTERS / Carlo Allegri / File Photo

BEVERLY HILLS, Calif., Sept.27 (Reuters) – Netflix Inc (NFLX.O) is not looking to buy a chain of theaters, co-CEO Ted Sarandos said on Monday, a rejection of speculation that swirled after the biggest The world’s streaming service bought two theaters.

The company has a movie theater in New York, purchased in 2019, and one in Los Angeles, which it purchased in 2020. Netflix uses theaters to host movie premieres and to showcase some of its original films.

When asked at Vox Media’s Code conference if Netflix could buy a movie channel anytime soon, Sarandos said “no”.

He also said he expects theaters to survive the surge in home streaming, but that audiences will make fewer trips to their local theaters when they can watch so many programs at home.

“I think (cinema) will be less frequent, maybe more expensive,” he said. “Using it as an event to get out of the house, people are always going to look for that.”

Sarandos also said that the recent Korean horror series “Squid Game” is set to become Netflix’s biggest non-English title yet and could become its most popular show to date globally.

“We didn’t see that coming, in terms of global popularity,” Sarandos said.

The most-watched show right now, measured by total hours watched, is the romantic drama “Bridgerton,” Sarandos said. The most popular film to date is Sandra Bullock’s thriller “Bird Box”.

Reporting by Lisa Richwine; Editing by Stephen Coates

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