Paramount Pictures has signed a multi-picture film deal with Netflix, studio boss Jim Gianopulos revealed today during Viacom’s fourth-quarter earnings call with Wall Street analysts.
This partnership opens a lot of doors for what these two titans of the industry can do together, as Netflix begins working towards being taken seriously amongst the film community.
“Our priority is to expand our role as a major global content supplier. As such, we’re exploring various new revenue streams in addition to our traditional theatrical releases as a producer of first-run films and television for other media platforms.”
The two companies have previously worked together under Gianopulos. In the world of Television, Paramount has provided Netflix such hit series as Cary Fukunaga’s Maniac as well as 13 Reasons Why. They have also worked together on the film front with The Cloverfield Paradox, which debuted a few months ago by surprise after the Super Bowl.
“‘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.”
Content spending by Netflix, Amazon, Hulu and Apple in 2018 combined to exceed $20 billion, Gianopulos said:
“While they have increased their internal capabilities, they are looking for great properties and we have great IP, great development and great creative relationships and potential to develop for them,” he added.
It will be interesting to see what projects setm from this massive deal and how soon they will get started.