Netflix Considering to Buy Theatres to Screen Its Movies

Netflix Considering to Buy Theatres to Screen Its Movies

Carla Harmon
April 21, 2018

The sources reveal that the video streaming giant, which has a net worth of $130 billion, recently considered a move to buy Los Angeles-based Landmark Theatres, which is co-owned by billionaire Mark Cuban, one of the Sharks on USA show Shark Tank. The streaming service was reportedly in talks with billionaire Mark Cuban for his Landmark Theatres group- a chain of movie halls across the United States. According to an article in Variety, the streaming service was "flirting" with "getting into the theatrical exhibition space", in order to qualify its films for awards consideration purposes (such as Oscars, Emmy and Golden Globes). Netflix was completely shout out of this year's Cannes Film Festival. At the same time though, Netflix has yet to garner the respect from film establishments and major theater chains, so that puts them at a slight disadvantage. Netflix now has some 125 million subscribers worldwide.

However it's believed Netflix never went through with the deal because executives said the asking price was far too high.

That has led to Netflix's films being deemed ineligible to compete at the Cannes film festival, since all contenders for prizes need to receive a theatrical release in France.

When Netflix made a decision to pull the five films it had planned to debut at the Cannes Film Festival, it was the culmination of a year's worth of tension between the two giants, which started when Netflix's mere logo was booed at last year's festival. Netflix could not only guarantee a theatrical release, but would also get a much larger slice of the revenue from doing so. On March 4, 2018, at the 90th Academy Awards, Icarus took home the Oscar for "Best Documentary Feature", which gave Netflix its first feature Oscar win.

Purchasing its own cinema chain would neatly avoid such problems for Netflix in the future (albeit in the USA rather than France).

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