Netflix inks big multi-million-dollar deal with blockbuster giant!
Los Gatos, California - Netflix has just scored a major win! The streaming giant cemented its dominant position by signing a multi-year deal with Sony.
The agreement gives Netflix domestic streaming rights to the studio's movie titles.
Starting next year, all Sony Pictures movies will stream exclusively on Netflix after their theatrical and home entertainment releases.
As part of the deal, Netflix will also have a first-look option to select movies that the studio is producing for streaming platforms.
Among the movies that will land on Netflix are the upcoming Morbius, Uncharted, Where the Crawdads Sing, and Bullet Train.
Future Spider-Man movies and other Marvel movies that Sony has the rights to will also appear on Netflix. Franchises such as Jumanji and Bad Boys are included in the deal.
"Sony Pictures is a great partner and we are thrilled to expand our relationship through this forward-thinking agreement," said Scott Stuber, Head of Global Films at Netflix.
"This not only allows us to bring their impressive slate of beloved film franchises and new IP to Netflix in the US, but it also establishes a new source of first run films for Netflix movie lovers worldwide."
Financial terms of the five-year deal weren't disclosed.
However, according to the Wall Street Journal, the deal is worth several hundred million dollars annually and worth nearly $1 billion over the course of the agreement. The Lions Gate Entertainment-owned pay-TV channel Starz currently owns rights to Sony movies through the end of this year.
Cover photo: Glenn Carstens-Peters/Unsplash