Is Netflix destroying Hollywood? Well, according to the streamer’s CEO, Ted Sarandos, the platform is actually saving Hollywood. Sarandos made these remarks at the recently conducted TIME100 Summit.
Sarandos was asked at the summit about streaming platforms such as Netflix contributing immensely to the constantly declining box office collections, ultimately emerging as one of the main reasons behind the ongoing destruction of Hollywood. To that, the Netflix CEO replied, “No, we’re saving Hollywood.”
Sarandos went on to describe Netflix as “a very consumer-focused company. We deliver the program to you in a way you want to watch it.”
When asked about streaming platforms adversely impacting the box office revenue of Hollywood movies, he posed a counter-question: “What is the consumer trying to tell us?”
His answer? “That they’d like to watch movies at home.”
Sarandos didn’t stop there. He even went on to say that theatrical moviegoing was “an outmoded idea” for a large group of people, though not for everyone.
Streaming services have revolutionised the entertainment business by pioneering new methods of content production and delivery. OTT platforms such as Netflix have not only brought back serialised television but also created avenues for previously overlooked filmmakers.
Additionally, streaming has become a viable space for directors’ personal projects that might face challenges in traditional cinematic releases. One of the best examples of this is Martin Scorsese’s The Irishman, a nearly 209-minute epic crime gangster drama, which found a new home on Netflix instead of going to theatres first.
Would The Irishman have emerged as a box office success via a theatrical-only release?
We know that Scorsese is a legendary filmmaker, but a runtime of over 3 hours and 30 minutes is a tad too much for modern movie theatre audiences. It means the film might’ve tanked—or the production houses and distributors would’ve likely forced Scorsese to trim down the movie’s runtime just to secure more showings in theatres.
But that would’ve ruined the movie, right?
While streaming platforms like Netflix have emerged as protectors of artistic integrity, they’ve also disappointed their viewer base more than a few times.
Despite its impact, the streaming model hasn’t escaped criticism. Netflix, specifically, has drawn fire for the uneven quality of its offerings.
Although projects like Adolescence have been praised, others—including Damsel, Red Notice, The Gray Man, the Rebel Moon movies, and the latest release, The Electric State—ended up disappointing a noticeable section of viewers, despite immense hype and substantial financial backing.
Is streaming hurting Hollywood by drawing audiences away from theatres and potentially devaluing the cinematic experience? Yes!
But we also can’t deny the fact that streaming is adapting to changing consumer preferences, providing new opportunities for creators, and ultimately keeping the entertainment industry vibrant, just in a different form. Stay tuned for more updates.