Netflix has defended US exclusive rights to new movies on Sony Pictures after their release from theaters, on a multi-year contract to provide major streaming films to franchises known as “Jumanji” and “Spider-Man”.
The Japanese Corp Entertainment entertainment division also gave Netflix the first opportunity to purchase non-theater movies and participate in its production, another potential pipeline for early movies. The terms of the deal, which were announced on Thursday, have not been disclosed, although Bloomberg News has previously reported that Sonys are seeking $ 250 million a year.
Articles from Sony include some of the most popular franchise films in the box office every year. Netflix will also be the broadcast home of “Morbius,” the spinoff of “Spider-Man,” and “Where the Crawdads Sing,” a translation of the best-selling novel.
The deal begins with Sony’s 2022 slide. Sony’s pre-paid Starz deal, which was held by Lions Gate Entertainment Corp.
Netflix shares have risen to 1.8% to $ 556.90 in New York after the news, the highest in more than a month. The Lions Gate also slipped a bit, rising to $ 16.28, before retreating.
These articles will not attract millions of new subscribers to Netflix, which already produces about 60 original movies a year. But they do keep users happy during the new series. Netflix had previously released new movies from Walt Disney, until the studio decided to keep its movies on Disney +.
Sony is the only major Hollywood studio that does not belong to a company that competes with Netflix in broadcasting. Universal, owned by Comcast Corp., is considering whether to renew the contract with HBO Max or retain its Peacock movies.
Netflix did not say how long Sony’s movies would be played in theaters before they appeared on the platform. Some movie studios have reduced the time between theater and home theater, but the lag could rise slightly as Covid-19 cases collapsed and theaters opened worldwide.