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I still remember how I felt watching “Twisters” (2024) in a local theater in Puerto Rico. The action-packed, shot-on-film blockbuster left me awestruck, and childlike excitement boiled over as I watched Glen Powell and Daisy Edgar Jones wrangle tornadoes.
Watching a movie in theaters feels fundamentally different from watching it in your living room, even if you’re sitting nearly alone. If theaters are neglected, viewers miss out on spaces designed for uninterrupted viewing.
That’s why the latest updates on Hollywood’s chess match matter. After Netflix announced its $83 billion acquisition of Warner Bros., Paramount attempted a hostile takeover, which the board is now likely to reject.
These moves signal a film industry shifting toward consolidation over competition, raising questions about creative risk, theatrical access and ultimately whose verdict matters in the pipeline from production to audience.
When fewer companies control distribution, there’s more scrutiny about which risks are worth taking, and theatrical runs become harder to secure. Mid-budget, adult-oriented, and non-franchise films are most likely to miss out as studios veer away from risky box office releases.
This risk aversion is reinforced by the growing dominance of streaming studios. Although it has expressed commitment to theatrical runs, a company like Netflix is still likely to prioritize streaming, with CEO Ted Sarandos saying “there’s no reason to believe that the movie itself is better on any size of screen.”
As a result, streaming-first releases have become normalized. For example, Rian Johnson’s “Wake Up Dead Man,” part of the “Knives Out” series, had a limited theatrical release in select cinemas and went directly to streaming for its main release. This caused it to break an important box-office streak for the franchise, debuting outside the domestic top five.
With this consolidation, I’m worried theaters could eventually be sidelined, in the same way CDs were after Spotify.
With AMC CLASSIC Bloomington 12 as the primary commercial theater in town, options are already limited, and it certainly feels like a space in decline. Usually when I go there, it’s nearly empty, except for big events like the “Revenge of the Sith” re-release or the opening night for “A Minecraft Movie.” It’s nice to always have an open seat, but I largely miss out on the communal movie-watching experience.
Corporate consolidation also poses a risk to creative independence.
Ryan Coogler’s “Sinners” (2025) earned $48 million on opening week and grossed around $367 million worldwide. The film is on track to win an Oscar, despite bias against horror movies at the Academy Awards. Its success and critical acclaim are largely due to its originality and creative ambition.
Ben Leonberg’s “Good Boy” (2025) is a unique horror movie told from the perspective of a dog. Indy, the film’s canine lead, made history as the first animal actor to be nominated for a major acting award that has only recognized human talent in the past.
These successes are not products of consolidation; they are examples of what it endangers.
The film industry thrives on new perspectives, and studio acquisitions pose a threat to them. The Netflix-Warner Bros. merger would significantly reduce competition and discourage diverse project slates, especially since Netflix’s content decisions are guided by global appeal and market metrics.
Paramount’s attempt at a hostile takeover just adds more salt to the wound. It bypasses consent from Warner Bros. management and further centralizes decision-making power in the corporate hierarchy.
However, the stakes go beyond filmmakers and studios toward our culture at large. Outside of home and school or work, there are “third places,” or informal social spaces where people gather for companionship or leisure. Sociologist Ray Oldenberg coined the term, affirming third spaces as a vital role in public life. They function as a societal glue, fostering community engagement.
One example of a third space is movie theaters. As director Sean Baker said, they provide a different kind of viewing experience, and studies even suggest they can improve mental and social health, increasing reported happiness and strengthening social bonds. If we look past bars on Kirkwood Avenue, Bloomington lacks strong third spaces at night. AMC 12 could fill that gap if it were better maintained.
In the name of creating “a stronger Hollywood,” as described by Paramount CEO David Ellison, studio consolidation chips away at the perceived value of movie theaters. They could become reserved for safe choices guaranteed to rake in box office money, and viewers might become increasingly discouraged from choosing the big screen.
Streaming optimizes convenience, but theaters create intimacy. They’re quiet sanctuaries that allow for deeper immersion into films and encourage interpersonal connection.
In his Oscars acceptance speech for Anora, Baker emphasized the value of movie theaters, noting the “communal experience” viewers can’t get at home. He is right about theaters offering unity, and that vision clashes with an industry increasingly organized around efficiency.
Joaquin Baerga (he/him) is a junior studying journalism.
