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Netflix Snags US Streaming Rights For Sony Pictures

Sony Entertainment’s (NYSE: SNE) subsidiary Sony Pictures is partnering in a multi-year agreement with Netflix (NASDAQ: NFLX) that greatly expands the streaming service’s offerings.

What Happened: Under the terms of the partnership, Netflix will have exclusive U.S. rights to Sony’s theatrical releases during the Pay One period between a cinema release and a DVD/Blu-ray premiere. Netflix also has a first-look deal for Sony-produced film designed for streaming release only, as well as a first-look right to license titles from Sony’s library.

The financial details of the partnership were not disclosed. The new deal, which kicks off with the studio’s 2022 release slate, expands on an earlier pact that gave Netflix access to the Sony Pictures Animation titles.

Related Link: Netflix Password Sharing Crackdown: Here’s Why It’s A Big Deal

Why It Matters: Unlike its omnichannel competitors such as Disney+ from Walt Disney Co. (NYSE: DIS) or Paramount+ from ViacomCBS (NASDAQ: VIAC), Netflix does not have a vast library of classic titles or franchise vehicles. The Sony deal gives the company access to future installments of the popular “Spider-Man,” “Jumanji” and “Venom” franchises plus the studio’s upcoming features and legacy titles.

Furthermore, having the Sony titles on Netflix spares the latter of having yet another major studio launch its own streaming service.

“Sony Pictures is a great partner and we are thrilled to expand our relationship through this forward-thinking agreement,” said Scott Stuber, Netflix head of global films. “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.”

“Spider-Man Homecoming” (2017) will be among the Sony Pictures titles available on Netflix. Photo courtesy Sony Pictures.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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