Netflix CEO Says Movie Theaters Are Dead

An anonymous reader shares a report: The post-Covid rebound of live events is all the more evidence that movie theaters are never coming back, Netflix co-CEO Ted Sarandos told Semafor in an interview at the Paley Center for Media Friday.

'Nearly every live thing has come back screaming,' Sarandos said. '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. You've gotta look at that and say, 'What is the consumer trying to tell you?''

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