Netflix and Sony Pictures have struck a deal that will keep upcoming Spider-Man films and other selections from Sony Pictures on Netflix, the Wall Street Journal reports.
The reportedly multi-year contract will start with Sony's 2022 film slate. Netflix will have first-look rights to movies Sony is producing or licensing for streaming platforms. The number of films Netflix has committed to ordering is currently undisclosed. Notably, the deal doesn't stop Sony from selling streaming rights to other platforms.
Sources speaking to Variety also said that the deal will amount to a record-setting sum for a pay-one window agreement. The deal is reportedly set to last five years and cost upwards of several hundred million dollars annually.
So what has Netflix definitely earned for its money? WSJ reports that future Spider-Man movies will land on Netflix following their theatrical runs (it's unclear if Tom Holland's Spider-Man: No Way Home is included in the deal), along with other Marvel characters Sony stills holds the rights to, like Jared Leto's Morbius and Tom Hardy's Venom. Netflix will also license certain older Sony Pictures films.
Films from studios under Sony's umbrella will also be included, such as the Jumanji franchise. Those studios include Columbia Pictures, Sony Pictures Classics, Screen Gems, and TriStar Pictures.
Sony executives are also reportedly working on an additional theatrical film licensing agreement beyond the Netflix deal, Variety reports.
Sony has previously partnered with Starz for its theatrical streaming agreements since 2006. The Netflix deal only covers the United States. Historically, pay-one window agreements allow for films to hit streaming platforms about nine months after a theatrical run.
Netflix and Sony's relationship has strengthened in recent years, with the studios agreeing on streaming rights for Sony's animated films, including Spider-Man: Into the Spider-Verse.
This story is developing...
