Netflix-Sony Pictures sign agreement to stream Spider-Man, Jumanji franchises
Netflix and Sony Pictures signed an agreement on April 7 which gives the former streaming rights to popular movies.,
Apr 08, 2021
Sony Pictures is the only traditional Hollywood studio without a streaming service and has turned to Netflix.
Netflix has entered into an agreement with Sony Pictures on April 7 that allows the digital streaming giant to secure exclusive US rights from Sony Pictures. This multi-year agreement includes movies that are fresh out of the theatres and upcoming releases like the Jumanji and Spider-Man franchises.
Beginning in 2021, Sony’s new releases will exclusively stream on Netflix in the US after their theatrical runs. This would include Venom, which is slated for release in 2021, and the upcoming 2022 releases like Morbius Where the Crawdads Sing, Uncharted and Bullet, Train.
Sony Corp’s entertainment division in Japan also gave Netflix the first chance to buy rights for movies intended for a digital release, including involvement in production too. Starting with Sony's 2022 movie slate, the agreement also gives Netflix an exclusive look into any film that the California-based studio Culver City has picked for a digital release. ,
Though the financial terms of the deal, announced on April 8, were not revealed, Bloomberg news had previously reported that Sony was demanding close to $250 million a year for the deal.
Commenting on the agreement, Netflix global film head Scott Stuber said that Netflix has found a great partner in Sony Pictures and that the agreement will enable them to bring beloved film franchises to the US. Sony, the only traditional Hollywood studio without an independent streaming service, has previously sold Kevin Hart’s Fatherhood, The Mitchells Vs. The Machines and Wish Dragon to Netflix. It has been reported that Netflix’s shares rose by 1.8 per cent in New York after the agreement was signed.
The streaming giant has not clarified the clauses of the agreement, leaving audiences to wonder how long Sony’s movies will play in theatres before they appear on smaller screens.
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