Edit: I agree Netflix has good Originals. But most are from the early days when they favored quality over quantity. It is sad to see that they reversed that. They have much funding power and should give it to great art that really sticks, has ambitions and something to tell, and values my time instead of mediocrity.
The cinema experience lost its magic. If Netflix reimagined a new model of cinema, what would it look like?
Contrast a few years ago when avengers endgame came out, and Spiderman far from home came out shortly after that, and No Way Home a few years after that... They were lively events. People dressed up, the theater handed out free swag and merch, and it was just a really cool shared experience, almost akin to a live concert.
I don't know exactly what's changed in that time, considering No Way Home came out after Covid and it was still a spectacle of an event, but I don't think cinema will get its magic back.
A few years ago I did go to a "Stranger Things" experience and I think that might be the future of shared experiences/narratives. It was essentially a week-long pop-up event, you'd get tickets, and it was basically a "walking simulator" that took you through a narrative within the Stranger Things universe. This wasn't just a bunch of people looking at a screen, it was live actors, holographics, sound design, lights, a lot of crazy stuff for a pop-up venue.
As a fan of the franchise it was really well done. A friend of mine want to a similar "Experience" for the Bridgeton universe, which I care nothing about, but she really enjoyed it as well.
So I think if Netflix were to reimagine cinema, it would probably be in that direction.