In recent streaming news, Netflix has signed an agreement with Sony Pictures for exclusive right of first refusal to their direct-to-streaming movies, starting 2022.
After almost two years of auctioning, Netflix will have rights to be the first to see what movies Sony has to offer for streaming platforms. Netflix will be replacing Starz as Sony’s partner for “pay-one” movies.
Of the future releases, Netflix is set to have rights to future Spider-Man movies and other Marvel character movies that Sony has rights to. These include Morbius, which will hit theaters in January 2022 and star Jared Leto, and Venom: Let There Be Carnage, starring Tom Hardy. Future Jumanji movies are also a part of the deal. Additionally, Netflix will have licenses to some of Sony’s older movies.
Although the full terms of the deal were not disclosed, we do know that the deal will span over five years, and will likely be worth more than $1 billion over the five years. Much of the deal’s value will depend on the box office performance of the films that are included in the agreement.
“Sony Pictures is a great partner and we are thrilled to expand our relationship through this forward-thinking agreement,” Scott Stuber, Netflix global film head, said. “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.”
Sony will be making these direct-to-streaming movies in addition to the 15 to 20 movies that they release every year.
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