Katarzyna Petru
Netflix has officially announced the signing of an unprecedented global agreement with Sony Pictures. This is the first agreement of its kind in the history of the industry, which will put an end to the fragmentation of the studio's catalogue and provide the streaming giant with exclusive access to the biggest cinematic hits worldwide.
The largest contract in streaming history
According to information from Deadline, we are witnessing the largest transaction of its kind in history. Its value is estimated at over 7 billion dollars. In the battle for global rights to Sony's library, Netflix had to overcome its biggest competitor – the Amazon platform. The agreement includes global rights to new Sony Pictures films after their theatrical window and a short period of availability on VOD services (such as Apple TV or FandangoNow). The agreement will be implemented gradually until the beginning of 2029, as existing licensing agreements in individual countries expire, and will be valid until 2032.
So far, the Sony Pictures catalogue has been heavily fragmented – the rights to individual titles varied by region, and films often migrated between different platforms. The new agreement changes the rules of the game.
“Our users around the world love cinema. Providing them with exclusive access to beloved Sony films adds incredible value to their subscriptions” – commented Lauren Smith, Vice President of Licensing and Programming at Netflix.
Legendary catalogue and upcoming hits
As part of the collaboration, Netflix subscribers will gain access to incredibly strong brands. The list includes, among others:
Spider-Man
Ghostbusters
Jumanji
Venom
Bad Boys
Hotel Transylvania
The Legend of Zelda (upcoming production in collaboration with Nintendo)
Netflix has already confirmed that some of the first new releases under the agreement will be: the animation Buds, the live-action version of The Legend of Zelda, and the highly anticipated film Spider-Man: Beyond the Spider-Verse.
Sony is not everything
Despite the close cooperation with Netflix, Sony is not completely giving up its own distribution channels. The studio's films will still be available on the Sony Pictures Core service (exclusively on Sony televisions and PlayStation consoles) and on transactional VOD platforms, where they can be purchased or rented individually. It is worth noting that this massive move by Netflix comes at a crucial moment for the company – the streaming giant is currently in the process of acquiring Warner Bros and HBO Max, which cements its position as the absolute market leader.
Sources: FlatpanelsHD, Deadline, Netflix, x.com
