Netflix Inc (NASDAQ:NFLX) has agreed on a film production deal with Amblin, the film-making business of legendary Hollywood director Steven Spielberg.
Through the arrangement, Amblin will produce several films a year for the streaming giant and underlines the growing dominance of streaming over traditional cinema.
Few details were released other than quotes from the principals involved.
Ted Sarandos, Netflix co-CEO and chief content officer, said: “Steven is a creative visionary and leader and, like so many others around the world, my growing up was shaped by his memorable characters and stories that have been enduring, inspiring and awakening. We cannot wait to get to work with the Amblin team.”
Spielberg added: “At Amblin, storytelling will forever be at the center of everything we do, and from the minute Ted and I started discussing a partnership, it was abundantly clear that we had an amazing opportunity to tell new stories together and reach audiences in new ways.”
The agreement marks a seeming U-turn by the Hollywood legend, who only a few years was reportedly trying to get Netflix films banned for the Oscars.
“Once you commit to a television format, you’re a TV movie,” he said.
Since then, the pandemic has redrawn the cinematic landscape with film makers very successfully releasing new movies straight to streaming during the lockdown, a trend that commentators predict will only accelerate.