Netflix and Sony sign global multi-year Pay-1 film licensing pact

Netflix and Sony Pictures Entertainment announced an exclusive, multi-year global Pay-1 licensing agreement that will make Sony’s theatrical feature films available to Netflix customers worldwide after each title completes its theatrical and home-entertainment windows. The companies said the arrangement was an industry first for Pay-1 because of its global scope and the planned staggered territorial rollout.

Under the agreement Netflix will also license rights to select Sony feature-film and television library titles. The announcement cited forthcoming and recent Sony releases that will move to Netflix under the deal, including Spider-Man: Beyond the Spider-Verse and the live-action The Legend of Zelda. Past and present hits that have been part of Sony’s Pay-1 footprint in some territories include Uncharted, Spider-Man: Across the Spider-Verse, It Ends With Us, Anyone But You, and Venom: The Last Dance.

Sony’s release said the rollout will begin later in 2026 and target full global availability on Netflix by early 2029; separate reporting indicates the term runs through 2032. Netflix and Sony did not disclose financial terms. Outside estimates put the value of the deal at more than $7 billion, markedly higher than the headline figure reported for Sony’s 2021 Pay-1 arrangement, which was cited in coverage at roughly $2.5 billion. Those dollar figures are estimates from industry observers and were not provided by the companies.

Paul Littmann, EVP of Global Distribution, Sony Pictures Television, said in Sony’s statement: “Our partnership with Netflix has always been incredibly valuable. 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. It also further underscores the strength of our independence and unique ability to create meaningful opportunities that benefit our creative stakeholders, consumers, and world‑class partners.”

The agreement amplifies two industry trends: consolidation of premium streaming rights and studios’ pursuit of predictable downstream revenue. For Sony, the deal converts the tail of theatrical box office and home-video monetization into a long-duration licensing stream that smooths revenue volatility from individual titles. For Netflix, securing a global pipeline of fresh theatrical product strengthens its content offering at a time when acquisitions and originals must compete with a crowded streaming marketplace.

Exhibitors and window advocates will be watching the mechanics closely. The Pay-1 arrangement preserves a full theatrical window before streaming, but the firming up of global streaming rights raises questions about bargaining power and the distribution cadence that drives box office demand in different markets. The staggered rollout, with territory-by-territory timing, reflects the persistence of local licensing complexities and existing contracts that Netflix must wait to absorb.

Regulatory scrutiny is likely to follow as streaming exclusivity deepens. The deal sits alongside other major studio licensing arrangements that have reshaped how films find audiences after theaters, and policymakers assessing competition and consumer choice will note the growing scale of bilateral long-term deals between studios and dominant streamers.

Longer term, the pact signals that major studios remain willing to trade broad streaming exclusivity for near-term certainty and scale, rather than pursuing permanent platform ownership. That calculus will influence studios’ investment strategies, theaters’ programming and pricing decisions, and the global economics of film production and distribution well into the next decade.