Apple says, "Spatial Audio with dynamic head tracking brings theater-like sound that surrounds you from the movie or video you're watching, so that it seems as if the sound is coming from all around you. The sound field stays mapped to the device, and the voice stays with the actor or action on screen."
You'll need AirPods Pro or AirPods Max to try out Spatial Audio. It's still rolling out to all Netflix users, so if it doesn't work right away, give it a try later.
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