Netflix (NFLX) is up more than 3% after the company signed a deal with iPic Entertainment, a luxury-theater chain with 15 U.S. locations, to screen 10 movies simultaneously with their release online.
Under the deal, the 10 Netflix films will screen at iPic theaters in L.A. and New York City, with the possibility of wider release, according to the Wall Street Journal.
iPic is seen as an important role for Netflix in realizing its ambitions of winning an Oscar. Under Academy rules, films must run in qualifying theaters for at least seven consecutive days, with multiple showings daily, and the venues must “regularly show new releases.”
The next Netflix movie in the iPic queue is war thriller “The Siege of Jadotville,” which is set to premier on Oct 7.