Netflix and Sony Pictures Entertainment announced a multi-year global licensing agreement on January 15 that grants Netflix exclusive first-streaming rights to Sony's theatrical releases worldwide following their cinema runs and home entertainment windows.
The two studios later turned up on the same list of suitors circling Letterboxd, the film-logging social network.
The deal, reportedly valued at over $7 billion, expands a 2021 partnership that previously covered only the United States, Germany, and parts of Asia. Under the new agreement, Sony films will stream exclusively on Netflix for approximately 18 months before becoming available on other platforms. The global rollout begins later this year as individual territory rights become available, with full worldwide implementation expected by early 2029.
The agreement also includes licensing rights for select titles from Sony's film and television library. Upcoming Sony releases scheduled to stream on Netflix under the deal include Nintendo's live-action The Legend of Zelda, Spider-Man: Beyond the Spider-Verse, and a series of four Beatles films directed by Sam Mendes.
"This new Pay-1 deal takes that partnership to the next level and reinforces the enduring appeal of our theatrical releases to Netflix's global audience," said Paul Littmann, executive vice president of global distribution at Sony Pictures Television.
The agreement marks the first worldwide Pay-1 deal of its kind for a major Hollywood studio. Sony, which does not operate its own global streaming service, continues to prioritize theatrical releases while securing revenue through large-scale streaming partnerships.
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