According to Deadline, Paramount Pictures has signed a multi-picture film deal with the streaming giant known as Netflix.
Studio boss Jim Gianopulos revealed the news today during Viacom’s fourth-quarter earnings call with Wall Street analysts. This undertaking opens a lot of doors on the options of what these two titans of the industry can do together. Both have shown that they are powerhouses on their own, but linked together, the possibilities are pretty much endless. Gianopulos put it into perspective on the priority for both parties going forward.
“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 collaborated before under Gianopulos. In the world of Television, Paramount has given 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. The film was a few months away from a theatrical run but it ultimately premiered on Netflix after the Super Bowl. This surprise was an interesting move and seems to have paid off for all parties involved. Gianopolus hopes his deal will continue this profitable relationship.
“‘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.”
It will be interesting to see what projects come out of this massive deal and how soon they will get started. This is definitely a win for both entities but it is an even bigger win for audiences everywhere as we are sure to get some solid titles out of this momentous occasion.
What are your thoughts on this new deal between Paramount and Netflix? What kinds of project do you think they will release? Do you think its a good idea? Please share your thoughts in the comments below.
Source: Deadline
