Copyright Benzinga
Movie theater giant AMC Entertainment Holdings (NYSE:AMC) has had a love-hate relationship with most streaming companies over the years. When it comes to streaming giant Netflix Inc (NASDAQ:NFLX), AMC has been very selective in partnerships. The two companies could be moving beyond their rivalry with some upcoming deals. Netflix Heads to the Movie Theaters Smash streaming hit "KPop Demon Hunters" is heading back to movie theaters this weekend with a sing-along version heading to screens, months after the animated film topped the box office charts. Unlike the first time around, the film will play at 300 AMC theaters for the first time, as the movie theater company cozies up to Netflix, according to a report from Variety. This is relatively unusual for AMC, which has often avoided showing Netflix shows and movies in theaters, with a major difference of opinion over how long content should be exclusive to theaters before hitting streaming platforms. In August, Netflix released the sing-along version of "KPop Demon Hunters" in theaters, topping the domestic box office with around $18 million. AMC did not play the film in theaters at the time. "For a long time, Netflix's primary interest in getting its movies into theaters was for awards consideration or appeasing talent," Wedbush analyst Alicia Reese said, as reported by Variety. "Netflix has more interest now in trying to maximize reach." Netflix has also partnered with AMC to show the two-hour "Stranger Things" series finale in theaters on New Year's Eve and New Year's Day, with simultaneous releases in theaters and on streaming. AMC previously showed the Netflix film "Glass Onion" in theaters in 2022. The two companies could be working together on more content in the future, too, with the report saying the 2026 "Narnia" adaptation from Netflix will be shown in AMC's IMAX theaters for a two-week exclusive run. Netflix is also considering releasing its "Once Upon a Time in Hollywood" spinoff, "Adventures of Cliff Booth," in theaters before its streaming release. Read Also: Netflix Creates Christmas Day Dilemma: How NFL Games, ‘Stranger Things’ Season 5 Could Complicate Holidays Room To Work Together? A recent statement by AMC said the two companies are "intrigued by the mutually beneficial opportunities that could arise." The move could be a win-win for both companies, with AMC still recovering from post-COVID-19 revenue declines and Netflix seeking new ways to boost revenue beyond subscriptions. Netflix CEO Ted Sarandos has been pretty dismissive of working with movie theaters in the past, calling them an "outmoded idea." Just last week, Sarandos said, "Our strategy is to give our members exclusive first-run movies on Netflix." Earlier this year, Sarandos said Netflix "saved Hollywood" by giving consumers easy access to films and shows at their convenience. "We deliver the program to you in a way you want to watch it," Sarandos said at the Time100 event. Burying the hatchet on a long-running feud and working together on future releases being shown on Netflix and in movie theaters could allow more consumers to see the content, potentially benefiting the creators and actors behind movies and shows. Read Next: Netflix Q3 Earnings Miss, But Record Ad Sales And Viewership Signal Strong Q4 Momentum Image created using artificial intelligence via DALL-E.
