According to the report, the contract starts with Sony’s 2022 movie group. Netflix will obtain the rights to first look at films produced or licensed by Sony for broadcast platforms. It was not revealed how many movies Netflix has committed to currently ordering. It is worth noting that the deal does not prevent Sony from selling the broadcast rights to other platforms.
As sources said I spoke with Variety Also, the deal will reach a record amount. The deal is said to span 5 years and cost several hundreds of millions of dollars annually.
So what did Netflix gain for its money? Reports from WSJ have stated that future Spider-Man movies will be released on Netflix after their release in theaters (it is unclear if Tom Holland’s Spider-Man: No Way Home is included in the deal), along with other Marvel characters that Sony still owns. Its rights are like Morbius by Jared Leto and Venum by Tom Hardy. Netflix will also license some old Sony Pictures movies.
The deal also includes movies from other studios under the Sony umbrella, such as the Jumanji series. These include Columbia Pictures, Sony Pictures Classics, Screen Gems, and TriStar Pictures.
Reports from Variety also stated that Sony executives are working on an additional licensing agreement for its films bypassing the Netflix deal.
Sony has previously partnered with Stars to broadcast its movies since 2006. The Netflix deal covers the United States only. Given the previously used method, these agreements allow films to be released on broadcast platforms approximately 9 months after their release in cinemas.
The relationship between Netflix and Sony had strengthened in recent years, as studios agreed to broadcast rights to Sony cartoons, including Spider-Man: Into the Spider-Verse.
Sony’s announcement reassures any fears that it may abandon cinema releases in light of the spread of the Covid-19 epidemic. Sony said that the deal will be an addition to its cinematic release schedule, which will continue at its current size.