Netflix reopens century old Egyptian Theatre

Netflix has added another feather to its cap with the reopening of the iconic Egyptian Theatre, which hosted Hollywood’s first-ever red carpet event over a century ago. The Los Angeles movie palace was extensively renovated by Netflix at a cost of around $70 million and is the streaming giant’s latest nod to Hollywood history. 

As part of the deal, the American Cinematheque will showcase classics such as “Lawrence of Arabia” during the week and Netflix will host its own screenings, starting with David Fincher’s “The Killer” this Thursday.

Netflix co-CEO Ted Sarandos called the chance to save the crumbling Tinseltown institution a “no-brainer” and says it is a perfect investment for the future. “Hollywood is all about symbols. The Hollywood Sign and this theater are probably the two most iconic symbols of Hollywood, and this one, unfortunately, was falling down,” he said.

The Egyptian Theatre first opened in 1922 and showcased the world premiere of Douglas Fairbanks’ “Robin Hood.” Los Angeles’ burgeoning entertainment industry had been focused on the downtown area until the theater opened, and it permanently shifted the focus of the industry to the Hollywood area.

Netflix aims to be a top player in the entertainment industry and has invested in top directors and stars. The reopening of the Egyptian Theatre reflects their commitment to preserving Hollywood’s traditions. Sarandos says it is a down payment for the next 100 years.

Despite its growing power, Sarandos rejects the notion that its strategy has hurt the entertainment industry. Regardless if that is true or not, the reopening of the iconic Egyptian Theatre, which could be said to be the physical embodiment of Hollywood’s history and indelible cultural impact, is going to bring nothing but joy thanks to the entertainment industry.