Netflix, Inc. (NASDAQ:NFLX), the leading online video streaming company worldwide, signed a multi-year licensing agreement with The Weinstein Company (TWC), an independent multimedia production and distribution company co-founded by Harvey and Bob Weinstein.
Netflix agreement with Weinstein
Under the agreement, Netflix will serve as the exclusive subscription television service provider in the United States for first run films from TWC starting in 2016. The deal also include feature films released under Dimension Films, a TWC genre label responsible in releasing the popular franchises such as Scream, Spy Kids, and Scary Movie.
According to Netflix, Inc. (NASDAQ:NFLX), its subscribers will be able to watch movies from TWC and Dimension Films on multiple platforms including television, tablets, mobile phones, and personal computers following theatrical releases in 2016.
Some of the TWC documentaries and foreign films are already available on Netflix, Inc. (NASDAQ:NFLX) such as The Artist, which won the Academy Award for Best Picture and the Undefeated, winner for Best Documentary Feature. A wide range of movies released under the RADiUS-TWC label are now also available for Netflix members.
Ted Sarandos’ statement
Ted Sarandos, chief content officer of Netflix, Inc. (NASDAQ:NFLX) said, “Harvey and Bob Weinstein are in a class of their own when it comes to choosing and producing the best films in the world. They are as innovative in business as they are creative in their storytelling. We look forward to reinventing the pay TV window with the Weinsteins.”
On the other hand, Harvey Weinstein emphasized that TWC’s agreement with Netflix, Inc. (NASDAQ:NFLX) is the largest transaction in its history. According to him, “Together, we are discussing ways to reinvent the pay TV experience so that the audience can get even more for their money. Their enthusiasm for movies of all kinds was the big factor in our choosing Netflix. Moving forward when people see The Weinstein Company name on a movie they know that our pay TV partner is the most significant new force in the entertainment industry – Netflix.”
Netflix agreement with Scholastica Media
Last week, Netflix, Inc. (NASDAQ:NFLX) also sealed an agreement with Scholastica Media, a subsidiary of Scholastic Corp (NASDAQ:SCHL) to stream kids shows such as The Magic School Bus and other non-exclusive titles such as Harry the Dirty Dog, Dinosaur and others on August 15. The shows will be exclusively available for subscription video-on-demand (SVOD) to Netflix subscribers in Canada, Ireland, Latin America, United Kingdom, and United States.
Netflix, Inc. (NASDAQ:NFLX) is the number one choice for SVOD with 89% market share, according to NPD Group, a global information company.