If you have a party or group larger than what yer place can hold, it works....
But there's nothing like your own couch, your CLOSE friends, and a fridge full of beer and food provided and shared with love.... of violence.... and just bleed. I uses to do bars, but it got lame during certain eras -- no names, we all fans, but $6 mixed drinks and loud assholes aren't what I'm in it for anymore.... if I don't know ya
Personally, I'd take my living room and old man sofa over a theater any day. Couch fits 4, love seat 2-3,3 computer chairs, my old man recliner, and folding chairs around the side -- I think we've held 12-14. Just throw pizza/tacos/crock pot/pot luck shit on the kitchen island, one fridge on the deck and main fridge to split traffic up, and keep it more inclusive. Everyone donates $5-10 or whatever they can spare, everyone BYOB or party/community gifts.... it helps to have a sober cab of course, because I ain't never sleeping a dozen people over lol.... so yer out at like 2am by default....
65" 4k LG -- 5Pc surround, 32" monitor out by smoking deck, 27" on back wall -- room for coats and hangers and we even have little tupperware thingies on shelves for keys and pocket shit. Our own board for gambling and card table....
Theater is cool experience, but creating your own is vastly superior.