Netflix’s Multi-Million Dollar Renovation of Egyptian Theatre Nears Completion

Netflix, the United States' leading global Over-The-Top (OTT) multimedia entertainment firm, saw considerable gains during the COVID-19 pandemic, as the streaming sector grew as a result of the outbreak.

In 2020, its shares reached new highs, exceeding the market capitalization of Walt Disney Company in March of that year.

Netflix co-founder Reed Hastings stated plans to expand the content creation budget in order to compete with competing OTT providers such as Disney+ and Apple TV+. 

Netflix's extensive content inventory has propelled them to the top of the OTT market.

Interestingly, Netflix has entered the traditional theater sector, which originally saw streaming services as a potential threat to its consumer base.

However, beginning last year, several Netflix films were made available for viewing in domestic theaters such as CGV in South Korea.

Netflix, on the other hand, has begun screening several of its films in Korean theaters in recent years, including titles such as White Noise, Bardo, False Chronicles of a Handful of Truths, and Guillermo del Toro's Pinocchio.

The experience of watching a movie in a theater differs markedly from that of streaming on devices such as cellphones. 

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