Netflix, the American streaming giant has announced the acquisition of Hollywood’s historic Egyptian Theatre, built in 1922.
This move comes as a noteworthy step in Netflix’s efforts to become an increasingly powerful force in the film business. This would represent the first foray into the cinema business for Netflix, which means it now has its very own venue in which to showcase its original content.
As part of the acquisition deal, Netflix will use the venue to house premieres and screenings for Netflix programming while American Cinematheque, will continue to have the ability to showcase programming on the weekends, whenever theaters are able to reopen in the wake of the coronavirus pandemic.
Netflix’s statement
“The Egyptian Theatre is an incredible part of Hollywood history and has been treasured by the Los Angeles film community for nearly a century,” said Scott Stuber, head of Netflix Films.
“We’re honored to partner with the American Cinematheque to preserve the theater’s storied legacy and continue providing remarkable film experiences for audiences. We look forward to expanding programming at the theater in ways that will benefit both cinema lovers and the community.”
The Egyptian Theatre is a classic and esteemed movie palace originally built in 1922 during the silent film era. A fixture in Hollywood’s Golden Age, the Egyptian was the site of the first Hollywood movie premiere, of Robin Hood; starring Douglas Fairbanks. Other notable silent-era premieres held at the Egyptian include Cecil B. DeMille’s The Ten Commandments (1923), Charlie Chaplin’s The Gold Rush (1925) and Don Juan (1926); starring John Barrymore and Mary Astor.
Netflix recently started upping its presence in Nigeria’s movie industry after it purchased rights to a number of Nollywood contents and debuted Netflix Naija, its official face in the country.
It had shown interest in Nollywood after it acquired global rights to Lionheart, Genevieve Nnaji’s directorial debut and critically acclaimed movie, for $3.8 million back in 2018.
