Paramount Collaborating With Netflix on Multi-Picture Deal
Paramount have opted to make an unprecedented deal to work with Netflix, signifying how quickly the traditional studio-controlled movie market is rapidly changing with the rise of streaming services.
Per Deadline, one of Hollywood’s “Big Six” studios is now actively collaborating with the new kid on the block in a significant capacity. Paramount Pictures CEO Jim Gianopulos revealed that he had recently signed paperwork with Netflix to co-develop movies for the service. That’s not to say that Paramount done releasing movies theatrically, just that some projects will make their way onto Netflix in the years ahead instead of having wide releases. As of right now, only “a small number of titles” will be part of the agreement “when it makes sense”, per Gianopulos. He fleshed out his stance on the partnership with the following quote:
“We’ve had a long relationship with Netflix. On the licensing side, we’ve known the senior management team for many years. This represents an incremental revenue stream that we’re excited about. We have more capacity for great production than the theatrical system can accommodate. While [theatrical] remains our core business, we’re very happy to work with the likes of Netflix, Amazon and others as partners and new customers.”
For those paying attention to Paramount’s release strategy, the move should hardly be surprising. Paramount recently sold the streaming giant the international rights to Annihilation while letting the film have a traditional theatrical window in both the United States and in China. Around the same time, Paramount also opted to sell Netflix The Cloverfield Paradox as it was instead of paying for previously-planned reshoots to overhaul the movie, skipping the planned theatrical window altogether, uploading the entire film as a surprise release after the end of the Super Bowl. Beyond the theatrical capacity, Paramount have developed popular shows like 13 Reasons Why and Maniac for the streaming service.
It’s worth noting that this has been on the cards for a while, with Paramount and Sony both talking with Amazon about distribution deals less than three months ago. In the long run, this move could represent the first step by a major streaming service to buy out one of the biggest movie studios in Hollywood. Paramount is mulling over the prospect of reuniting with CBS after the AT&T/Time Warner deal passed through with few (if any) limitations and a delay to the start of business, and that would present a sweeter package to Netflix. With existing intellectual property now potentially at the streaming giant’s fingertips (including Mission: Impossible and multiple Hasbro franchises), it could be a matter of time before Netflix amps up their game and seeks to add an entire movie studio to the resources it is amassing.
Grant Davis is a freelance writer who has covered entertainment news for more than seven years. His articles have frequently appeared in Star Wars News Net as well as as other entertainment-related websites. As someone who grew up on Star Wars and comic book movies, he’s completely thrilled with the current era of genre entertainment.
