Netflix inks major streaming deal with Sony, expanding library

Netflix and Sony Pictures Entertainment have struck a major, multi-year deal beginning in 2022 that will give Netflix access to Sony's biggest franchises, like "Spider-Man" and "Jumanji."

Why it matters: Sony is one of the only major movie studios that doesn't have its own streaming platform to distribute on its content on.

• At a moment where most major entertainment companies and studios are trying to pull their content off of Netflix to supply their own streaming services, the Sony deal offers a major boost to Netflix's library.

Details: The deal will also bring the studio's new movies to Netflix, like "Uncharted" and "Morbius," following their U.S. theatrical debut next year.

• It also gives Netflix access to future films that will appear from Sony Pictures, like future "Spider-Man" franchise sequels and other films featuring Marvel characters that Sony has the rights to, like "Venom."
• Netflix will have the exclusive first right to stream Sony-produced films or films the company is licensing for streaming. According to a statement, Netflix has committed to making a number of those films over the course of the deal.
• The financial terms of the deal were not disclosed.

The big picture: Movie studios like Sony traditionally would license their content to cable networks following their theatrical releases. In the streaming world, it's notable that Sony has bypassed traditional television networks for a streaming company.