Just when it seemed like every major film studio was launching its own streaming service to boost profit margins, Sony is instead giving an existing platform the keys to their future film slate. According to Variety, Sony is cutting a brand new deal with Netflix. Their partnership will grant the streaming giant first access to Sony’s upcoming theatrical releases.
The deal will take effect beginning with Sony’s 2022 calendar, which includes Morbius and Uncharted. Those films (among others) will make their streaming debut on Netflix after they’ve completed their theatrical runs. Sony previously had a similar pact set up with Starz, where subscribers can currently find Spider-Man: Far From Home. New entries in the Spider-Man, Venom, and Jumanji franchises will also end up on Netflix after they’ve hit theaters. But because Venom: Let There Be Carnage and Spider-Man: No Way Home are both scheduled to open later this year, they are reportedly exempt from the deal. The same goes for Ghostbusters: Afterlife, which arrives in November.
“Sony Pictures is a great partner and we are thrilled to expand our relationship through this forward-thinking agreement,” said Netflix global film head Scott Stuber in a new statement. “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.”
“Netflix has been a terrific partner as we continue to expand our relationship,” added Keith Le Goy, Sony Pictures Entertainment’s president of worldwide distribution and networks. “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.”
Sony’s pact with Netflix is expected to last about five years and only covers the U.S. Additionally, Netflix now has a first-look agreement for all films that the studio is planning to go direct-to-streaming. Under its terms, the platform must “commit to a certain number of titles” from Sony. However, it also doesn’t stop Sony from selling the movies to rival services. Netflix will also license several films from Sony’s back catalog as well.
What are your thoughts on Sony and Netflix’s new partnership? Let us know in the comment section below!
Recommended Reading: Morbius Vol. 1
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