Sony Pictures and Netflix have struck a new multi-year global Pay-1 agreement, meaning Sony’s feature films will stream on Netflix worldwide after their theatrical runs. It’s a classic “after the cinema window” partnership — and a reminder that the streaming wars are increasingly won not just with originals, but with reliable premium film supply.
For Netflix, the value is obvious: Pay-1 rights deliver a steady flow of big studio movies right when audiences are ready to watch at home. It’s a clean way to keep the catalog feeling fresh without having to produce every blockbuster internally.
For Sony, this kind of deal fits a modern studio playbook: maximize box office first, then monetize again through a deep-pocketed streaming partner with global reach. Instead of building an expensive standalone streaming platform, Sony keeps its distribution flexible while still locking in predictable revenue.
Bottom line: this is a “pipeline” deal — and it reinforces Netflix’s position as the dominant landing zone for major studio movies once the theatrical moment fades.
