Netflix and Sony have agreed on a new licensing deal that will give the streaming giant an 18-month exclusive window for the studios’ films. The deal is said to be worth $1 billion over a four-year period.
According to Deadline, the deal gives Netflix exclusive rights to Sony Pictures titles in the U.S. following their theatrical and home entertainment releases. The deal is set to start in 2022, which means the slate will begin with titles such as Morbius, Uncharted, and the sequel to Spider-Man: Into the Spider-Verse. Spider-Man: No Way Home and Venom: Let There Be Carnage will not be included in the deal as they are due to release in 2021.
Netflix has also agreed a first-look deal for any direct to streaming titles that Sony has in the pipeline. It is reported that Sony has committed to making “a number” of these titles. This will result in some Netflix Originals that are produced by Sony.
The deal also gives Netflix access to licensing rights for select titles from Sony’s library. This will include Columbia’s nearly 100-year old catalog, as well titles from other studios such as Tri-Star, Sony Pictures Classics and Screen Gems. The two companies already have a deal in place for Sony Picture Animation titles that dates back to 2014.
Keith Le Goy, Sony’s president of worldwide distribution had this to say on the deal:
Netflix’s film head, Scott Stuber added:
The agreement with Netflix replaces a previous deal between Sony and the Lionsgate-owned Starz, which dates back to 2005. That deal was last updated in 2013.
The deal with Sony will provide a welcome boost for Netflix, which recently bought the right for two Knives Out sequels for $469 million, given the increased competition they are now facing from the likes of Disney+ and HBO Max. The streaming company recently announced it had crossed the 200 million paying subscriber mark.
The reports of the deal between Sony and Netflix didn’t include any mention of other territories outside of the U.S.