Paramount Pictures has signed a multi-picture deal with streaming giant Netflix. The studio will produce a handful of films for Netflix, but few other details about the initiative were revealed during Viacom Inc.’s fiscal fourth-quarter earnings call with analysts.
After a quiet spell and heavy financial losses, Paramount is ramping up to release nineteen films in cinemas between October 1st this year and the end of September next year – more than double the nine they released from Oct 2016-Sept 2017.
Netflix and Paramount previously tested the waters of such a deal with the studio offloading both the widely panned “The Cloverfield Paradox” and widely acclaimed “Annihilation” to the streamer.
Paramount boss Jim Gianopulos says: “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.”
With the big guns Disney and Warners launching their own streaming service, the smaller studios like Paramount where a streaming app is less economically feasible are in a prime position to do deals with existing streamers such as Netflix.
Source: The Los Angeles Times