Netflix and Sony Announce $7 Billion Global Streaming Agreement

Sony Pictures Entertainment and Netflix have once again made headlines, announcing a global Pay-1 licensing deal valued at more than $7 billion, positioning Netflix as the worldwide streaming destination for Sony’s theatrical films well into the next decade.

Under the newly expanded deal, Netflix will serve as the exclusive first streaming home worldwide for Sony Pictures’ theatrical releases once their full theatrical and home entertainment windows conclude. The agreement runs from 2027 through 2032 and marks a major evolution of the companies’ earlier Pay-1 partnership, which first launched in the United States in 2022.

Industry reporting indicates that the value of Sony Pictures Entertainment’s theatrical output has risen significantly since its original Netflix agreement in 2021. The new deal reflects an estimated 40% increase in licensing rates across Sony’s slate, with much of that growth driven by international markets.

One of the most meaningful changes under this arrangement is the end of regional fragmentation. In recent years, Sony’s films have often landed on different streaming platforms depending on territory, something that became apparent with releases such as Ghostbusters: Frozen Empire. As international Pay-1 rights become available, Netflix will now gradually roll out Sony’s theatrical slate across global markets, with full worldwide availability expected by early 2029.For Sony, the deal provides a unified global streaming strategy while preserving its independence as a studio without a proprietary streaming service. For Netflix, it secures a consistent pipeline of major studio releases at a time when theatrical titles continue to perform strongly on the platform. In addition to new releases, Netflix will also continue licensing select titles from Sony’s broader film and television library.