Netflix has announced that they have signed a lease to reopen the iconic Paris Theater in New York City to showcase some of their own most reputable films.
Netflix is using this opportunity to showcase their own films even though for some time now, the company has had plans to get into major theatrical distribution films.
Netflix plans to use the Paris theatre for screenings and theatrical releases of its movies like The Irishman, American Son and by this, the company is making a big attempt to compete with reputable film studios like A24 and Fox Searchlight.
Netflix reopened the Paris theatre after it was closed in August to screen a Netflix original movie ‘Marriage Story’ by Noah Baumbach.
This wouldn’t be the first time that Netflix has shown interest in taking over theatres to showcase its films. Reportedly, Netflix planned to purchase the iconic Egyptian Theatre in Los Angeles to use as an event space.
Netflix having a theatre means that movies like 6 Underground, Netflix’s Ryan Reynolds-starring movie that looks similar to Universal’s Fast and Furious franchise, could play at a theatre.
The industry is changing — streaming is becoming front and center for independent film releases, and people are staying home to watch instead of going out. This could be Netflix’s way of trying to have the best of both worlds.