Netflix Earns the Right to Stream Movies from Sony after Debut

Sony Pictures has signed an advantageous deal with Netflix, which will bring major profits for the streaming service.

Since the pandemic, Netflix has been bringing home a lot of money due to audiences tuning in more and thus has initiated many big plans for the future.

Now, Variety reports the streaming giant has inked a deal with Netflix, which will give it exclusive rights to stream all of their films following their theatrical debuts.

Even though Netflix already has a similar plan in place to stream Sony’s animated films, the new deal will allow it access to live-action slates and let it have first picks to choose potential options to stream.

Despite both companies refraining from disclosing a specific amount, sources report that the deal involves hundreds of millions of dollars. It’s slated for activation in 2022, and Netflix will pay Sony according to a scale of how much each movie’s box office brings in.

The deal will also see movies like Dwayne Johnson’s Jumanji and the upcoming Spider-Man movies hitting the streaming service. Currently, the latter is owned exclusively for streaming by Starz, who previously had a deal with Netflix. 

But with the new one being signed upon, it can be assumed that the content will be shifting to Netflix soon.

This will be a significant gain for the streamer but will put Disney+ at a disadvantage as it will not be able to update its MCU library, thus leaving it unfinished for the upcoming years.

Recently, Amazon Prime released the much-awaited Coming 2 America after purchasing the original rights for a whopping $125 million. Netflix too copped movies like Enola Holmes, The Lovebirds, and The Woman in the Window, among many others last year. 

Due to the COVID lockdown, most of these projects had to be delayed for release, putting studios in a challenging position. However, the problem was solved with streaming services on the lookout for more content to fill their libraries.

As more and more companies start signing similar deals, it seems streaming is the future of cinema.
Source: Variety