Egyptian theater Netflix believes in the symbols of Hollywood, which is why it reopens one of its most legendary rooms.
The Egyptian Theater, where the first Hollywood premiere was celebrated more than a century ago with a red carpet in its courtyard decorated with faux hieroglyphs, reopens this week under new management from Netflix. Part of Hollywood history, this Los Angeles theater might sound like an unlikely investment for the streaming giant, which made a fortune by convincing viewers to watch movies on their televisions, computers or phones. But for Netflix co-CEO Ted Sarandos, the opportunity to save this crumbling institution was obviously unmissable. “Hollywood revolves around symbols,” Sarandos told reporters. “The Hollywood sign and this movie theater are probably the two most important symbols of Hollywood. This one, unfortunately, was falling apart.”
This theater opened its doors for the first time in October 1922, with the world premiere of “Robin Hood” by Douglas Fairbanks. Before that, the growing entertainment industry was concentrated in downtown Los Angeles, just a few miles away. Organizers installed dazzling lighting to dazzle the crowd and rolled out a red carpet in the cinema’s inner courtyard for VIP guests, including Charlie Chaplin. This innovation sought to emulate the royal etiquette of Europe, and became a model for premieres.
Over the following decades, the Egyptian Theater faced more difficult times and suffered significant damage from the 1994 Los Angeles earthquake. It was taken over by the nonprofit American Cinematheque, which repaired the building but struggled to fund maintenance. , until Netflix arrived. The platform agreed to finance the renovation work of the cinema. The cost was not disclosed, but estimates are around $70 million. “We, as a nonprofit, were stretched thin,” said Rick Nicita, president of the American Cinematheque. “They came and made an excellent alliance with us. “They understood what we were trying to do.”
Under the deal, Netflix will use the theater during the week for its screenings, starting today with David Fincher’s “The Killer,” while the Cinematheque will screen classics like “Lawrence of Arabia” on the weekends. “We’ve been making original films for seven years. “We haven’t contributed much to 100 years of Hollywood history,” Sarandos said. “But this is our start for the next 100 years.” The thought of Netflix dominating the industry for the next century is probably keeping some theater owners up at night. While rivals like Apple have released movies like “Killers on the Moon” in theaters with extended screening periods before going streaming, Netflix has irritated theater owners by refusing to do the same. Sarandos insists, however: “We are the saviors of the industry.”
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
