Netflix co-chairman Ted Sarandos assessed the future of movie theaters, saying that the post-pandemic boom in entertainment has left movie theaters dead, writes Semafor.
Speaking at the Paley Media Center, Sarandos pointed to the rapid return of live events — from Broadway to concerts and sporting events — as evidence that audiences are choosing more dynamic, collaborative experiences over going to the movies.
"Broadway’s breaking records right now, sporting events, concerts, all those things that we couldn’t do during COVID are all back and bigger than ever. The theatrical box office is down 40 to 50% from pre-COVID, and this year is down 8% already, so the trend is not reversing," Sarandos notes.
The comments come as the film industry continues to grapple with declining ticket sales and changing viewing habits. While blockbuster releases occasionally bring audiences to theaters, the long-term trajectory suggests a steady shift to home viewing that Netflix has helped shape over the past decade.
Sarandos also took a dig at rival platforms during the discussion. When asked about Amazon's $40 million documentary about First Lady Melania Trump, he joked, "For $40 million, I hope it's great!"
Speaking about content creation, Sarandos rejected claims that President Donald Trump's administration is stifling new programming and also sharply criticized YouTube's monetization model, describing the platform as a place for creative "teeth cutting" - but not necessarily a place where creators can thrive financially.
"There's a whole group of creators in the pro-am category that are making really interesting, compelling programming to watch," he said. "YouTube doesn’t give them any money up front to make it, so they’re doing it all, all at their own risk."
Netflix, he believes, offers a better alternative: a platform where creators are paid and supported from the start. "The proposition is: Come to Netflix, get paid, and take the risk out of it."