French Cinema Leader Discusses WBD-Netflix Agreement
Saudi Arabia recently sought to acquire a stake in Warner Bros. Discovery (WBD) through a bid facilitated by Paramount and Skydance. However, Netflix successfully secured the deal with a substantial $72 billion offer. This acquisition was a key topic during the Red Sea Film Festival held on Saturday, leading to discussions among international executives.
Concerns on Netflix’s Ownership of WBD
During a panel discussion titled “Futureproofing our Industry,” David Taghioff, CEO of Library Pictures International, moderated a debate involving several industry leaders. Gaëtan Bruel, President of France’s National Cinema Centre, expressed significant misgivings about Netflix’s acquisition of WBD.
Bruel noted the strained relationship between France and Netflix, primarily because of regulations surrounding theatrical releases. He highlighted that Netflix is often excluded from major film festivals, such as Cannes, which only accepts films meant for theatrical screenings.
Theatrical Releases and Industry Impact
- Bruel emphasized concerns from exhibitors regarding the reduction in the number of films released in theaters.
- He drew parallels with Disney’s acquisition of Fox, which he claims diminished film variety in theaters.
- Attendance statistics reveal a dramatic decline: 8 billion tickets sold globally in 2019 compared to less than 5 billion in 2022—representing a 40% drop.
Despite claiming a partial commitment to theatrical releases, Bruel criticized Netflix’s approach, suggesting that the platform treats these releases mainly as marketing tools. He stressed the need for a more favorable windowing system that provides theaters with substantial exclusivity.
Voices of Optimism Amidst Concerns
Julie La’Bassiere, Chief Strategy Officer at DDA, offered a contrasting viewpoint, citing potential opportunities for independent filmmakers. She speculated that the industry disruption might invigorate indie films and highlight alternative voices in the market. La’Bassiere suggested that the consolidation could improve visibility for those filmmakers due to the association with a larger brand.
Ali Jaafar, head of the film division at MBC Studios, urged caution regarding the acquisition’s finalization. He pointed out the uncertainty surrounding the deal and its implications for regional content production. Jaafar remarked on the opportunities for local Arab filmmakers, particularly concerning platforms like OSN that may need to pivot to original content in the absence of material from WBD.
Conclusion
The acquisition of Warner Bros. Discovery by Netflix raises critical questions regarding the future of theatrical cinema and independent filmmaking. As industry leaders weigh the potential consequences of this consolidation, it remains to be seen how it will reshape the landscape of film and television, especially in diverse regions such as the Middle East.
