In an interview last week, Netflix, Inc.(NASDAQ:NFLX) co-CEO Ted Sarandos suggested that the 2023 blockbusters "Barbie" and "Oppenheimer" would have been just as successful on the streaming platform as they were in theaters. His comments have since sparked a debate on social media.
What Happened: In an interview with the New York Times, Sarandos was asked about the type of content that isn't suitable for Netflix, to which he replied saying, "I don't think that there's a clean answer because the best version of something may work really well for Netflix but just hasn't worked to date."
He also mentioned that Netflix doesn't do breaking news and similar content because there are other outlets for it, reported Variety.
The interviewer then brought up the theatrical releases of "Barbie" and "Oppenheimer," which were both highly successful at the box office. In response, Sarandos stated, "Both of those movies would be great for Netflix," adding, "They definitely would have enjoyed just as big an audience on Netflix."
He went on to say, "And so I don't think there's any reason to believe that certain kinds of movies do or don't work. There's no reason to believe that the movie itself is better in any size of screen for all people. My son's an editor. He is 28 years old, and he watched 'Lawrence of Arabia' on his phone."
When the interview made its way to social media, some users criticized Sarandos' comments. One user said, "I wish I was this delusional." Another commented, "Not him literally saying that cinemas are NOT important. Depressing."
Another user said that Netflix wouldn't have been able to match the same "going into the theater dressing up" experience.
Why It Matters: "Barbie" and "Oppenheimer" both enjoyed impressive box office success, giving rise to the cultural phenomenon known as "Barbenheimer." Warner Bros.' "Barbie" earned $1.44 billion worldwide, while Universal's "Oppenheimer" grossed $951 million.
Last month, Netflix reported its first-quarter revenue of $9.37 billion, marking a 14.8% increase year-over-year. This figure surpassed the Street consensus estimate of $9.275 billion, according to data from Benzinga Pro. The company reported quarterly earnings per share of $5.28, exceeding the Street consensus estimate of $4.51.
Netflix gained 9.33 million net new paid subscribers in the first quarter, bringing its total to 269.60 million, representing a 16.0% year-over-year increase in subscriber growth.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.