Sony Buys Huge Theater Chain With Focus On Anime
Movie theaters have been on the verge of dying for several years now, with crippling blows like the COVID-19 pandemic and rising cost of living making the business model harder and harder to keep afloat. Now, Sony Pictures has purchased the Alamo Drafthouse theater chain, with a specific focus on pumping out more anime features to the masses. While there’s no confirmation on whether or not this integration will work, it certainly signals a change in tides for streamers and production studios alike.
Streamers Taking Over Theaters
Rumors have been floating around Hollywood for years that suggest big companies and streamers such as Netflix and Disney have intentions to purchase their own theaters, taking out the middle-man between their original content and movie-going audiences. Surprisingly, Sony seems to be the first company to pull the trigger on their theater chain purchase, making them something of a litmus test for other entertainment conglomerates.
Sony Leading The Charge
Streamers have previously taken ownership over small local theaters before, such as Amazon’s acquisition of an old Arclight location. But Sony Pictures’ purchase marks the first time that a major studio has purchased a major theater chain in full, at least since certain trust-busting laws cropped up in the mid 20th century. In 2020, a set of laws called the Paramount Consent Decrees were officially repealed, essentially allowing entertainment giants to launch their own monopoly on the film industry.
Vertical Integration Is A Necessary Step
Sony Pictures previously acquired the anime streaming site Crunchyroll for over $1 billion in 2021, making their purchase of the theater chain the next in a long line of vertical integration. With the Alamo Drafthouse under their belt, sources indicate that Sony execs plan to screen more anime films and host anime-themed events at the 35 theater locations across 25 cities in the US. The theater chain was previously known for hosting numerous film events, including the annual Fantastic Fest genre film festival.
Well-Known Events Will Continue As Scheduled
Per Sony, the Fantastic Fest and other well-known Alamo theaters events will continue as scheduled, as the studio wants to avoid sullying the reputation of the Drafthouse with any major changes. Of course, the chain will almost certainly begin pairing down non Sony Pictures products in the coming months, and eventually offer exclusive viewing for Sony and Crunchyroll products. Before this purchase, Sony has already been pushing more Crunchyroll originals across the country, increasing their screenings from a few local theaters to over 2,000 screens across America.
A Rising Tide Lifts All Boats
In a statement to the press, a Sony spokesperson explained that the decision to purchase the Alamo Drafthouse theater chain was made partially due to the success of Sony’s recent live events. These include the Wheel of Fortune Live traveling tour, as well as the Wonderverse restaurant and live music venue in Chicago, Illinois. While the details of the purchase have not been made public, it has been widely acknowledged that the Alamo Drafthouse was struggling financially throughout much of 2024, with fans comfortably assuming the chain would be sold or downsized in the near future.
For now, it looks like Sony’s purchase of the theaters is a wholly positive venture for fans of the Alamo Drafthouse, anime, or film industry live shows. That is, so long as Sony sticks to their proposals and doesn’t abuse their newfound power over the chain.
