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While Netflix is loved by investors and subscribers, the company found a tougher audience last week at the Cannes Film Festival, where fans of art house films booed the streaming company.
The episode, which occurred during the screening of Netflix's new film "
"People still do actually value the experience" of going to the theater, said Todd Supplee, a partner in the entertainment, media and communications practice at PwC. "The black box is an escape from the world, a date night type activity, or it's a nice evening out with your family."
Despite the expanding array of quality content coming to streaming services and cable, PwC found that audiences still see a separation between movies in the theater and content available on TV or on demand.
Still, streaming platforms have shown they can distribute critically-acclaimed films. Amazon Studios acquired the distribution rights for "Manchester by the Sea" for $10 million, and the movie went on to take home the Academy Award for best actor and best original screenplay.
Netflix is increasing its efforts to become a premium movie distributor. Though it has dabbled in smaller films, Deadline reported last March that the company paid $90 million for
Not all traditional cinephiles are embracing the trend. After Netflix submitted a film to Cannes for the first time this year, the festival changed its rules to require that films have a French theatrical release in order to be considered for awards. The move was seen as an affront to streaming services and the video-on-demand industry.
On Friday, Netflix's action-adventure film "
A spokesperson for the company who was at the screening reiterated the boos were due to technical difficulties, pointing to a statement apologizing for the snafu from the Cannes Film Festival organizers:
Booed or not, the reports have people outside the Cannes Film Festival talking about the movie.
"This [booing] has more to do with French, non-art-related sensibilities than with the actual quality of the films," said Karsten Weide, program vice president of media and entertainment at IDC. "But, [it's] great PR for Netflix!"
Watch: Netflix shares are way up over last 15 years