Hollywood studio Sony Pictures and streaming behemoth Netflix reached a deal to make Netflix the streaming home for all of Sony’s new theatrical releases beginning next year, according to The Hollywood Reporter.
The five-year deal includes Sony’s Spider-Man films and all its upcoming spin-offs. That includes the upcoming sequel to Spider-Man: Into the Spider-Verse. It also includes hotly anticipated films like Uncharted and Bullet Train as well as upcoming sequels from franchises like Jumanji and the Bad Boys films. What that means is Sony movies will stream exclusively on Netflix after they leave theatres and the initial home video release. The window is usually about a year to 18 months.
Netflix and Sony already had a deal for Sony Pictures Animation titles. Now the entire Sony movie library is available to be licensed out to Netflix. That includes the back catalog of Columbia Pictures. According to THR, the deal is worth roughly $1 billion to Sony.
“At Sony Pictures, we produce some of the biggest blockbusters and the most creative, original films in the industry. This exciting agreement further demonstrates the importance of that content to our distribution partners as they grow their audiences and deliver the very best in entertainment.” Said Keith Le Goy, Sony’s president of worldwide distribution.
“This not only allows us to bring their impressive slate of beloved film franchises and new IP to Netflix in the U.S., but it also establishes a new source of first-run films for Netflix movie lovers worldwide.” Added Scott Stuber, the head of Netflix films.
With this deal, Sony won’t find itself needing to build its own streaming platform. Competitors Warner Brothers, Disney, and Universal Studios have spent millions launching theirs, and Netflix guarantees they will have a steady stream of new feature film content. As part of the deal, Netflix will finance several Sony titles. This includes films made directly for streaming or plans to later license for streaming. Sony’s theatrical output will “continue at its current volume.” according to the announcement.
