The end of the cinema? Netflix and Sony Pictures sign a multi-year deal to start streaming theatrical releases in 2022
- The new deal will make all of Sony’s new releases available to stream after they hit theaters
- One of the upcoming releases on Netflix is Morbius, the latest iteration of the Marvel Cinematic Universe, starring Jared Leto.
- Netflix will also gain access to some of Sony’s huge archive of 3,000 movies, such as the Jumanji and Bad Boys franchises
- Cinemas have begun to reopen in the United States with reduced capacity after box office counts are down 70% in 2020
Netflix will start streaming all of Sony’s theatrical releases from 2022, in another sign movie studios are seeing the future of the cinema at home.
The streaming giant has signed a deal with Sony Pictures Entertainment to obtain the first rights to all of its movie titles after they hit theaters.
Among the first Sony movies to be available on Netflix are Morbius, a new Marvel superhero movie starring Jared Leto and Matt Smith, and Uncharted, a prequel to the Drake series, starring Tom Holland and Mark Wahlberg.
Where the Crawdads Sing and Bullet Train, also both scheduled for release in early 2022, will also be on Netflix as part of the multi-year deal.
The Wrap reported that Netflix is also gaining access to one of 3,000 films owned by Sony’s Motion Picture Group for the first time and making it available for streaming.
Movie theaters are one of the industries hardest hit by the pandemic, with global box office sales dropping 70% to $ 12.4 billion in 2020 as many were forced to close their doors.
Future parts of Sony’s Spider-Verse movies will be streaming on Netflix while they hit theaters
Morbius, an upcoming movie based on a Marvel Comics character and starring Jared Leto above, will also be available on Netflix
The upheaval has slowed studios to release their biggest blockbusters, including the 25th James Bond movie, No Time To Die. It was originally scheduled for release in November 2019, but has since been delayed to October 2021.
After COVID-19 restrictions deprived audiences of the cinema experience, studios began partnering with streaming sites to showcase their new releases.
HBO Max and Warner Studios – both owned by AT&T – reached a deal to stream theatrical releases in 2021 on the same day they were released.
Last month, Warner Bros announced that the agreement would expire in 2022 and signed a deal with Regal Cinemas owner Cineworld to screen releases exclusively in theaters for 45 days, a shorter theatrical window than in pre- pandemic days.
Scott Stuber, Netflix’s Head of Global Films, announced the move The Wrap described the deal as a ‘progressive agreement’.
Netflix had 204 million subscribers worldwide at the end of 2020, of which 71 million in the United States alone
The Jumanji franchise will be available on Netflix under the new deal with Sony. Star-studded cast is from left: Kevin Hart, Dwayne ‘The Rock’ Johnson, Karen Gillan and Jack Black
“Not only will this enable us to bring their impressive array of beloved movie franchises and new IP to Netflix in the US, but it will also provide a new source of first-run movies for Netflix movie buffs around the world.”
Keith LeGoy, Sony Pictures Entertainment’s President of Worldwide Distribution and Networks, said Netflix was a “ great partner ” and they would continue to expand their relationship.
“This exciting agreement further demonstrates the importance of that content to our distribution partners as they expand their audiences and deliver the very best in entertainment.”
Sony Pictures has some of the biggest blockbusters in the catalog, including the Ghostbuster, Jumanji and Bad Boys franchises.
Movie theaters in the United States have begun to reopen gradually across the country. In New York, cinemas were only allowed to be open with a capacity of 25%, or less than 50 people per screen.
California has also reopened cinemas with reduced capacity. Chains in Florida have been opened with a capacity of 40%.
Netflix’s stock price rose just over 1% Monday afternoon to $ 554.13.
Netflix had 204 million subscribers worldwide at the end of 2020, of which 71 million in the United States.