Netflix Not “Trying To Build A Theatrical Business”, Says Reed Hastings; Sanguine Co-CEO Agrees ‘Glass Onion’ Release Left A Lot Of Money On The Table

deadline.com:

Here’s another bucket of cold water for the budding romance between Netflix and exhibitors. Founder and co-CEO Reed Hastings fully, almost happily, agreed that his company left lots of money on the table with the limited release and booming ticket sales of over Thanksgiving weekend.

He has no problem with that at all. “It’s a promotional tactic for the streaming service,” Hastings told the New York Times DealBook conference in NYC. “We are not trying to build a theatrical business.” He said the streamer’s “two religions” are “customer satisfaction” and “operating income.” The Knives Out sequel in theaters was a tool “so more people watch it on the service.” The streamer’s latest release was an unprecedented collaboration with AMC Theatres, Regal and Cinemark.

It creates buzz, as in – “Everyone is talking about Glass Onion, and on Dec. 3 the whole world will get to see it!” Co-CEO Ted Sarandos has also tried to downplay hopes that Netflix is reassessing its relationship with exhibitors in a significant way.