Netflix and Sony struck a deal that grants the streaming platform exclusive rights to all of Sony’s upcoming movies — including the forthcoming third installment of the “Spider-Man” franchise.
Starting in 2022, Sony films will appear on Netflix shortly after their theatrical and premium video on demand runs, Insider reports. According to the site, Netflix is also licensing select older films from Sony’s expansive library.
The two companies announced their agreement on April 8, and Deadline reports that the new deal will replace Sony’s existing agreement with Starz, an arrangement that dates back to 2005.
According to Insider, the deal also grants Netflix the first-look at any movies Sony is producing directly for streaming, and the company has already agreed to take on a number of those projects.
Insider adds that multiple bidders had their eyes on Sony’s streaming rights and, though the terms of the deal were not officially disclosed, Deadline reports that sources familiar with the agreement estimated Netflix’s offer to be around $1 billion spread over four years.
Keith Le Goy, Sony’s president of worldwide distribution, recently addressed the agreement in a statement. He said:
“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” (via The Hollywood Reporter).
As previously reported by the Deseret News, Warner Bros. sent shockwaves through the industry last December when the company announced it would release its entire 2021 movie slate on HBO Max. The Hollywood Reporter adds that Paramount made a similar announcement recently, stating that some of its blockbuster films including “Mission: Impossible 7” and “A Quiet Place Part II,” will be available on Paramount+ only 45 days after their theatrical releases.