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| Netflix announces streaming deal with movie studio giants |
| Wednesday, 11 August 2010 00:00 |
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Online streaming video site Netflix has announced an agreement to stream movies from Paramount, Lionsgate and MGM studios.
The company will pay almost $1 billion (£634,673) over the next five years for the online streaming rights to full-length movies from the studios, in a deal that is expected to be hugely profitable for Netflix. Industry analysts suggest that making newer movies available on the site will lift the company's earnings and increase its share price by almost seven per cent. The first tranche of films to be released in Netflix's streaming library on September 1st include GI Joe: The Rise of the Cobra, The Pink Panther 2, The Curious Case of Benjamin Button and the Godfather trilogy. Other popular blockbusters such as Star Trek and Iron Man 2 will be available for streaming over the coming months. Ted Sarandos, Netflix's chief content officer, said: "We are giving people more and more reason to stream instead of waiting to get their DVDs through the mail."  |