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Digital streaming, along with multiplexes is credited with bringing down the audience that was enthused with single-screen cinemas. Single-screen theatres are now the relics of the time when cinema used to be highly sought. One had to go through the whole experience of going to a cinema to watch a movie rather than seeing it on a small screen with the music and dialogues blaring in his/her ears.

Single-screen theatres are slowly becoming extinct due to the variety of experiences available. One such theatre is the "Paris" theatre in New York. The 581-seat theatre recently completed 70 years of existence and is the city's only remaining single-screen theatre. It had closed operations in August this year.

In a welcome twist, which may lead to the salvaging of its heritage, it has been acquired by streaming giant Netflix. While the terms of the lease haven't been made public, the company has declared that it will use it for special screenings of movies like "The Irishman" and "The King".

Ted Sarandos, Netflix's Chief Content Officer, stated in an official press release "After 71 years, the Paris Theatre has an enduring legacy, and remains the destination for a one-of-a-kind movie-going experience. We are incredibly proud to preserve this historic New York institution so it can continue to be a cinematic home for film lovers."

This is a win-win for both. Single-screen theatres will be able to survive another day, while Netflix will be able to send its movies as entries for the Oscar awards. The Academy has a pre-condition for movies to be screened in theatres to qualify them for participation in the awards.

Netflix has been working on the acquisition or lease of theatres for long. It has also been working on a deal to take over the famous "Egyptian" theatre of Los Angeles.

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Netflix added some 6.8 million subscribers over the past quarter as the streaming television leader girded for heightened competition Photo: GETTY IMAGES / MARIO TAMA Mario Tama/Getty Images