Following on its plans and desire to gain Oscar glory, online video streaming company Netflix is set to make a major play to attract major Hollywood celebs and producers.
According to a report published in the new channel CNBC quoting sources with knowledge of the matter, negotiations for the purchase of the historic Egyptian Theatre in Hollywood is being conducted by the leading streaming company.
The value of the deal is in the tens of millions, according to a news report published in The Hollywood Reporter.
The Egyptian Theatre is presently owned by American Cinematheque and gaining co0ntrol and ownership of this historic theatre would enable the company to be able to show case its films more easily for the audience that decides films being nominated and awarded for Academy Award and would also allow the company not to deal with traditional theatrical release windows.
At present, for a film to be eligible for the Academy Awards, the film has to mandatorily run in a commercial theatre for seven consecutive days within the Los Angeles County and has to hold shows at least three times in a day. One of those three screenings has to be done between the prime time of 6 p.m. and 10 p.m.
There were no comments available from Netflix on the report.
A 90-day theatrical release window has been traditionally adopted by Hollywood studios, and even Amazon. That means the film that the producers want to nominate in the awards would run for 90 days before they can be made available for viewing on video-on-demand or on a streaming service’s site or app.
However, Netflix has found it hard to adhere to those standards. For example, “Roma”, the Academy Award-winning film form the streaming service was showcased in a very limited number of theatres from Nov. 21 last year and was then released very soon – December 14 on Netflix’s streaming service, way before the 90 day period followed by the likes of Amazon.
Some theater operators such as the AMC Theaters and Regal Cinemas, were not happy with the decision of the Academy and both had refused to show the film “Roma” in their theaters following the film being nominated for the best picture category in January.
If the deal is successfully done, all weekend programming would be curated by an independent non-profit organization called American Cinematheque, while the rest of the week would be planned and operated by Netflix, said a report published in the Bloomberg – the first media to report on the possible deal.
Sid Grauman had founded the Egyptian Theatre in 1922 and was later bought over by Cinematheque in 1998. The theatre is often the place where film festivals are held because it is about the only place which has facilities for playing nitrate prints. And according to reports, the theatre also has the equipment to play 70mm films.
(Adapted form CNBC.com)