Sony Pictures Entertainment and Netflix have entered into a global post‑theatrical streaming agreement that will make Netflix the exclusive worldwide Pay‑1 partner for Sony’s theatrical releases. The multi‑year deal, valued at more than $7 billion, is the largest Pay‑1 transaction ever signed and will run from 2027 through 2032, with full global availability on Netflix beginning in early 2029.
The agreement builds on a prior 2020 Pay‑1 deal that was worth roughly $3 billion and covered select territories such as the United States, Germany and Southeast Asia. Under the new contract, Netflix will acquire the right to stream Sony’s theatrical releases immediately after the cinema window, creating a predictable licensing revenue stream for Sony while allowing the studio to focus on content creation rather than operating a direct‑to‑consumer platform.
The library covered by the deal includes a mix of upcoming and current titles. Upcoming films such as "The Nightingale," "Buds," Nintendo’s live‑action "The Legend of Zelda," "Spider‑Man: Beyond the Spider‑Verse" and Sam Mendes’ Beatles film series will be added to Netflix’s catalog. The current slate—"Uncharted," "Spider‑Man: Across the Spider‑Verse," "It Ends With Us," "Anyone But You" and "Venom: The Last Dance"—will also be streamed on Netflix after their theatrical runs.
Rollout will begin later in 2026 as individual territory rights become available, with a phased approach that culminates in worldwide availability by early 2029. Netflix will stream Sony’s theatrical releases on its platform after the cinema window, providing subscribers with a steady stream of high‑profile content.
Strategically, the deal is an industry first that consolidates Sony’s post‑theatrical content onto a single global platform. It validates Sony’s long‑standing licensing strategy, which has positioned the studio as an "arms dealer" that maximizes revenue by partnering with established streaming services. For Netflix, the agreement strengthens its film library with major franchises such as Spider‑Man and adds a consistent flow of blockbuster releases, supporting subscriber growth and balancing its mix of original and licensed content.
From a competitive perspective, the partnership gives Netflix a decisive advantage over rivals such as Disney, Warner Bros. Discovery and other studios that are still negotiating separate agreements. Sony, meanwhile, secures a predictable, multi‑year revenue stream without the capital outlay required to run a streaming service.
Management comments underscore the significance of the partnership. Lauren Smith, Vice President of Licensing and Programming Strategy at Netflix, said the deal "adds incredible value to our subscribers worldwide" and highlights the popularity of Sony’s franchises. Paul Littmann, EVP of Global Distribution at Sony Pictures Television, noted that the new Pay‑1 agreement "takes our partnership to the next level" and reinforces Sony’s independence and ability to create opportunities for stakeholders.
The agreement sets a new benchmark for studio‑streaming negotiations and is likely to influence future deals as studios and platforms seek to secure exclusive, global post‑theatrical rights in an increasingly competitive market.
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