Netflix has completed a $70 million restoration of the historic Egyptian Theatre in Hollywood, aiming to use the lavish venue for premieres and events. Originally opened in 1922, the Egyptian Theatre hosted Hollywood's first-ever movie premiere and has been a landmark of the film industry for a century. Netflix plans to show classic movies on weekends, programmed by the non-profit American Cinematheque, which owned the theater previously. During the week, Netflix will host screenings at the venue. The streaming giant purchased the building in 2020 and embarked on an extensive renovation.

Ted Sarandos, Netflix CEO, stated that this restoration is a way for the company to show its appreciation for Hollywood's history. He emphasized the importance of giving back to an industry that has contributed so much. The Egyptian Theatre, with its rich history, is seen as one of America's "temples of storytelling." This investment is a move to bridge traditional cinema and modern streaming, even as the film industry grapples with economic disruptions caused by the rise of digital streaming platforms.