Netflix Signs Spielberg

Issue 76

The acclaimed filmmaker Steven Spielberg has struck a multiyear deal to make movies for Netflix - a huge get for the streaming giant as it faces increased competition for talent and content from deep-pocketed rivals such as Disney and Amazon.

Under the terms of the deal, announced by Netflix and Spielberg’s Amblin Partners, the studio will make multiple new films for Netflix over the course of the agreement.

The agreement with Netflix doesn’t affect Mr. Spielberg’s long-term relationship with Comcast’s Universal Pictures where Amblin Partners is based.

Netflix’s signing of Mr. Spielberg, whose work includes “Jaws,” “E.T.,” and “Saving Private Ryan,” indicates that the company is keeping a sharp eye in its rear-view mirror. Although Netflix is far and away the most popular streaming service around the globe, it is now beginning to face real competition after nearly a decade of unchallenged market share.
For Netflix, getting content from Mr. Spielberg will continue to bolster its already prolific movie-production pipeline. In 2021, Netflix is expected to make 60 movies.

Source: Wall Street Journal