Netflix shares ended lower in the US Thursday – along with many other tech stocks – as world renowned film director Stephen Spielberg said films made by the streaming service don’t deserve Oscars.
In an interview with ITV ahead of the release of his new film ‘Ready Player One’, the director of ET also said streaming services like Netflix represent a danger to cinema-goers.
Netflix shares closed lower Thursday at $306.70. However, the stock is in the green in pre-market activity.
Netflix films ‘could’ deserve an Emmy
Sharing his views on streaming businesses impact on filmmaking, Spielberg said Netflix helps limit small, independent film makers from raising the money to create and release a film in the way they want to.
"Fewer and fewer filmmakers are going to struggle to raise money, or to compete at Sundance and possibly get one of the specialty labels to release their films theatrically," Spielberg said.
"And more of them are going to let the SVOD [Streaming Video On-Demand] businesses finance their films, maybe with the promise of a slight, one-week theatrical window to qualify for awards,” the film Director added.
He also said that once you commit to a TV streaming deal, you’re essentially making a TV movie. “I don't believe that films that are just given token qualifications, in a couple of theatres for less than a week, should qualify for the Academy Award nominations," he said.
But, Spielberg did add they could qualify for an Emmy.
Netflix designs own font
Separately the online streaming service has also designed its own font, Netflix Sans, something that will help reduce licensing costs for the tech giant.
Netflix brand design lead, Noah Nathan, told publication ‘It’s Nice That’ about its new font.
“With the global nature of Netflix's business, font licensing can get quite expensive,” Nathan said.
“Developing this typeface not only created an ownable and unique element for the brand's aesthetic … but saves the company millions of dollars a year as foundries move towards impression-based licensing for their typefaces in many digital advertising spaces,” he added.