Netflix plans to buy cinemas for screening its movies
Netflix, an online-based US company, wants to get into the movie theater business. According to a new report by Gizmodo, many sources have revealed that the entertainment giant pursued a deal to buy the Landmark Theaters owned by Mark Cuban but ultimately backed out due to a high sale price. The idea actually makes a lot of sense, while it might sound wild for some that a company that got its start sending DVDs by mail now wants to sell popcorn and movie tickets.
Since last year Netflix has spent over $8 billion producing its own content such as movies and TV shows that can only be watched on Netflix. The fact that there is no cinema for the feature films of Netflix, disqualifies the company from winning major awards like an Oscar.
This is a big deal for Netflix because Oscars are prestigious but also because prestige wins new customers. The company says it would release 80 movies in 2018 alone.
Netflix chief content officer Ted Sarandos says,
“We want our films to be on the fairground with every other filmmaker, there’s a risk in us going in this way and having our films and filmmakers treated disrespectfully at the festival.”
Previously, Pakistan Telecommunication Company Limited (PTCL) signed an agreement with Netflix to provide Netflix Gift subscriptions for 6 months to PTCL’s 8 Mbps and above internet subscribers. PTCL is the first telecom operator in Pakistan to launch a partnership with Netflix. With Netflix looking to buy cinemas, you never know they might buy a cinema in your city.
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