Netflix Makes Billion-Dollar Deal With Sony
PC: Sony Pictures
Following a deal worth one billion dollars, Netflix will have exclusive licensing to Sony’s films starting in 2022. This agreement initially includes streaming access to films like “Morbius,” “Uncharted,” and “Where the Crawdads Sing”.
Netflix is the winner among several bidders in the past few years who wanted to make the deal with Sony.
According to Sony distribution and networks chief Keith Le Goy, the agreement “demonstrates the importance of that content to our distribution partners as they grow their audiences and deliver the very best in entertainment.”
Netflix will be able to get access to franchises like “Spider-Man,” “Venom,” and “Jumanji” as new films come out. One series to look out for is the Oscar-winning “Into the Spider-Verse”. “Into the Spider-Verse” has a sequel coming out in late 2022.
“Sony Pictures is a great partner and we are thrilled to expand our relationship through this forward-thinking agreement,” Netflix film chief Scott Stuber said in the announcement. “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.”
This move is vital for Netflix in the so-called “streaming wars”. As new streaming services cropped up, Netflix lost a lot of big lures to the platform. TV shows like “Friends” moved to HBO; “The Office” moved to Peacock, NBC’s streaming service. Disney+ led to the removal of Marvel and Pixar works. Movie production companies such as Universal and Fox are also considering creating their own services.
As Sony does not have its own streaming platform, this deal will lead to profit for Sony and Netflix. Netflix will reassure investors by getting big-name film franchises. Millions will stream Sony movies which one could only buy before.