• by Wayne Friedman , Staff Writer, Yesterday

Much has been made of the rise of digital-first media companies -- Netflix, Apple, and Amazon (MGM) -- when it comes to theatrical release of movies.

But there has definitely been some adjustment.

Two years ago, Apple had been planning to spend $1 billion annually. But the likes of “Killers of the Flower Moon,” “Napoleon” and “Argylle” didn’t do that well -- and it pulled back.

Instead, it recently went for a more targeted approach: highly touted, revolutionary camera work coming from “F1: The Movie” was very successful in its opening weekend and now globally,  hitting around $603 million -- $185 million domestically, $417 million internationally.

Now, Netflix is making inroads -- of a different kind. “KPop Demon Hunters,” which has been airing on its streaming platform since June, just won its opening weekend as a theatrical release.

True, it was a modest $18 million to $20 million in North American box-office results and over $100 million globally so far, according to analysts. But it does speak to where Netflix wants to go -- looking to extend its brand appeal in another media direction.

Netflix was strategic in its mid-to-late August timing -- a slowing period for theatrical movie summer business. The big streamer found a scheduling seam to appeal to nervous movie theater group executives, who are increasingly feeling a bit of pressure from streamers.

AMC Theaters, the biggest U.S. theater chain, has a firm policy over movie first-run appearances. If a movie title has already appeared on a streamer or other distribution platform, it isn't first-run for movie theaters. And that means it won’t show the film.

But consider the bigger picture of this summer moviegoing period so far. Studio executives were expecting at least a $4 billion period, which equates to a strong, successful consumer marketplace. It would have been only the second time since the pandemic that the industry has ascended to that level.

It turns out that with a slowing business, with only a week to go, the summer box-office estimate is now at $3.5 billion, according to Comscore. This affects movie studios and movie theaters alike.

In reference to another disappointing year for theatrical movies overall, theaters may now regret not taking a modest performer from Netflix.

On the other hand, those who did now believed they made the right call -- even as they are still looking over their shoulder at their steadily transitioning business.