Netflix co-CEO Ted Sarandos traveled to Las Vegas this week for CinemaCon, the annual convention for movie theater owners, and held private meetings with some of the most powerful exhibitors in the industry to discuss the possibility of bringing more Netflix films to the big screen.
According to two individuals with knowledge of the meetings, Sarandos sat down separately with AMC Theatres CEO Adam Aron, Regal CEO Eduardo Acuna, and Cinemark CEO Sean Gamble. It was the first time Sarandos has ever attended CinemaCon.
The conversations were described as exploratory, no firm deals were made, but the tone was characterized as “hopeful.” One source said Sarandos is considering “dipping his toe in the water” when it comes to theatrical exhibition. Netflix did not respond to requests for comment.
A company that fought theaters for years
For most of Netflix’s history as a film studio, Sarandos was openly resistant to the idea of giving its movies a wide theatrical run. The streamer’s films rarely spent more than two to three weeks in theaters, and those limited runs existed mainly to qualify for awards consideration in key markets, not to compete at the box office.
The stance frustrated filmmakers for years. Director Emerald Fennell turned down a more lucrative offer from Netflix for her film “Wuthering Heights,” choosing instead to make it at Warner Bros. specifically because of their commitment to theatrical releases. She wasn’t alone in that kind of decision.
Sarandos doubled down publicly as recently as April 2025, calling moviegoing “an outmoded idea” at the Time100 Summit, arguing that most Americans don’t have easy access to a multiplex. Then Netflix announced its pursuit of Warner Bros. Discovery, a studio with a massive, profitable theatrical distribution operation, and his position started to shift.
During Netflix’s Q4 earnings call earlier this year, Sarandos acknowledged the contradiction directly: “I have in the past made observations about the theatrical business. We were not in the theatrical business when I made those observations. When this deal closes, we will be in the theatrical business.” He added: “This is a business and not a religion, so conditions change and insights change.”
Netflix ultimately withdrew from the Warner Bros. acquisition race, but Sarandos left the door open, saying his experience studying WB’s theatrical business had changed his perspective.
The numbers that made Netflix pay attention
A few recent results seem to have shifted the conversation internally at Netflix. The animated film “KPop Demon Hunters” had a one-weekend theatrical run in late summer 2025 that generated between $18 and $20 million at the box office, making it the number one movie that weekend. Netflix didn’t officially report the grosses. The film later made Oscar history as the first non-Disney or Pixar animated film to ever win two Academy Awards, taking home Best Animated Feature and Best Original Song.
Then, on New Year’s Eve, the finale of “Stranger Things” played in over 620 theaters simultaneously with its Netflix debut, generating more than $25 million in concession sales for exhibitors over two days. The screenings sold out in multiple locations. Netflix kept none of that revenue, theaters did, but the event proved that Netflix content can fill seats.
Competitors are also making moves that are hard to ignore. Apple’s “F1,” released through a partnership with Warner Bros., grossed $633.4 million worldwide and earned four Academy Award nominations including Best Picture. Amazon MGM’s “Project Hail Mary” has already crossed $500 million at the box office as part of a robust theatrical strategy that gave the film a full run before it hit Prime Video.
What this could mean for Netflix’s biggest films
Netflix has one of its most ambitious release slates in years coming up. Among its upcoming titles are the David Fincher-directed, Quentin Tarantino-scripted “The Adventures of Cliff Booth”, a follow-up to “Once Upon a Time in Hollywood” starring Brad Pitt, Brad Bird’s animated sci-fi noir “Ray Gunn,” and Greta Gerwig’s “Narnia,” which is already scheduled for a limited IMAX release on Thanksgiving Day 2026 before arriving on Netflix on Christmas Day.
The Narnia IMAX deal marks the first time Netflix has committed to this kind of theatrical engagement for one of its films, and it came after months of negotiations that Gerwig herself pushed for. If Netflix decides to expand “Narnia” beyond IMAX into a wider release, the film could go head-to-head with the biggest holiday titles of the year.
The rest of the industry is also moving in the direction of longer theatrical windows. Universal recently announced it is expanding its window to 31 days for its entire 2026 slate, and to 45 days starting in 2027. Every major Hollywood studio is now publicly committed to keeping films in theaters longer before they move to streaming, and Netflix, long the loudest voice against that model, is now showing up to the table.
Whether the CinemaCon meetings lead to something concrete or remain goodwill conversations, the fact that Sarandos made the trip to Las Vegas and sat down with theater owners is a signal the industry will not miss.
Do you think Netflix should go all-in on theaters, or do you prefer their movies straight to the platform? Drop your opinion in the comments, we want to know what you think!