Netflix co-CEO Ted Sarandos predicts the end of cinema theaters
What's the story
Ted Sarandos, Netflix's co-CEO, recently made a bold prediction about the future of cinemas.
Speaking to Semafor's editor-in-chief Ben Smith, Sarandos said, "Sorry, cinephiles; the post-COVID rebound of live events is all the more evidence that movie theaters are never coming back."
He added that box office revenue remains 40-50% below pre-COVID levels and has even declined by 8% this year.
Live events
Sarandos highlighted the resurgence of live events
Sarandos also emphasized the return of live events like Broadway shows, sporting events, and concerts. He said that these events are back and stronger than ever, with Broadway "breaking records right now."
"Sporting events, concerts, all those things that we couldn't do during COVID are all back and bigger than ever," he said.
Sarandos stressed that we must think about what consumers are trying to tell us through these trends.
Content creation
Sarandos discussed content creation and YouTube's role
In the same interview, Sarandos also spoke about content creation and YouTube's part in it.
He called YouTube a place for creators to "cut their teeth on or develop an idea" before coming to Netflix to monetize better.
But Smith countered, YouTube's directly sharing revenue with creators defies that logic.
Sarandos also said he loves the "pro-am category" of creators—those who make entertaining content without YouTube's funding, risking it all.
Acting debut
Sarandos also made his acting debut recently
In a surprising turn of events, Sarandos recently made his acting debut by playing himself in an episode of Apple TV+'s new series, The Studio.
The satirical comedy, created by Seth Rogen, offers a Curb Your Enthusiasm-style take on Hollywood.
In the show, Sarandos humorously acknowledges Netflix's competitive presence while interacting with Rogen's character, a struggling movie studio head.
Sarandos agreed to the role, stating, "I thought it was really funny."