After a successful trial of reinventing grocery and book markets, this e-commerce giant is now stepping into acquiring Landmark Theatres, the largest theatre chain dedicated to exhibiting independent and foreign films which holds a network of 56 cinemas, covering 268 screens in 27 markets. Amazon is also viable to compete with other suitors to acquire the business from Wagner/Cuban Cos., which is said to be held by billionaires Mark Cuban and Todd Wagner. However, according to reports, no final call about the deal has been announced.
This third largest IT Company has already made its mark in providing anything virtually, from the necessity to luxury, in just a single click. Electronics products are said to be the most purchased items from Amazon along with digital products like movies, music, and cloud storage space for apps and games. With the marketplace prototype of acting as a middleman between buyers and sellers, Amazon just wants to capture every place where a consumer is interested to invest.
Where this deal is a hot-topic amid the market, no statements have been given by either of the companies. Various experts have expressed their thoughts for this imperative deal.
Jonathan Kuntz, a film historian, and lecturer at the UCLA School of Theater said “The theatre chain could also help juice Amazon’s reputation. If the deal goes through, Amazon is buying a little bit of prestige – the quality end of the market. The company already has its eye trained on the awards circuit.”
“For the first 25 years of the internet, we’ve seen the world in two competing domains: digital and physical.” Said Gene Munster, managing partner with Loup Ventures, a venture capital firm. “Amazon clearly believes the future of the internet lies in the convergence of digital and physical offerings to meet customer needs.”
Amazon, over the years, has been essentially successful in all niches. Have a look at its past five years’ performance graph.