Netflix has decided to reopen the legendary New York movie theater Paris, specializing in high-quality movies.
The company has signed a lease agreement to preserve the site for the most prestigious films in its portfolio.
The last single-screen cinema in the U.S., Paris, was closed in August 2019 at the end of its rental period, after which Netflix opened it for a limited period for Noah Baumbach's Marriage Story. Experts ten years ago predicted the closure of the cinema, calling its existence in the age of multiplexes "a real miracle. The property of Paris over the past thirty years belong to the American entrepreneur Sheldon Solow.
Now Netflix has announced plans to use the site for special events, retrospective shows, as well as releases of their new films. "We are very pleased to announce that the doors to the famous New York theatre will remain open! Now the iconic venue will be opened and will become home to special events and shows of Netflix", - said the official Twitter account of the company.
For Netflix, it is not the first attempt to buy a movie theater to show their films. Earlier, the company considered buying the legendary Egyptian Theatre in Los Angeles for premieres, awards, and other events. Recently, movies have become an increasingly important part of Netflix's traditionally television-focused business. The company is trying to compete with major film studios, including Fox Searchlight and A24. At the same time, Netflix continues to race for blockbusters, withstanding competition from Disney, and launching several high-profile premieres in the fourth quarter of 2019.
At the same time, market participants expressed dissatisfaction with the actions of Netflix and Amazon, pointing out that the films released should be entitled to 12 weeks of exclusive screening on large screens before being sold under subscription. In theory, owning small cinemas across the country could provide Netflix with the ability to simultaneously show movies in large formats and stream them on its streaming service.