Sony Pictures Entertainment is doubling down on its partnership with the market’s leading streamer in a deal it says is a market first.  

The studio has just finalized a new global Pay-1 licensing agreement with Netflix, which now has the rights to stream the SPE films globally after they’re finished their theatrical and home entertainment runs. 

Netflix already offers Sony’s features in the US (based on a deal the two companies struck in 2021) and a handful of other regions, including Germany and Southeast Asia. But this new pact gives the streamer an everywhere edge over its competitors as the exclusive global home of Sony’s new film releases for windows typically lasting around 18 months. (Netflix also gains streaming rights to some older films and series as part of the deal.) 

This partnership expansion comes on the heels of a blockbuster year for Netflix, thanks to Sony’s KPop Demon Hunters. And some of the first films to be covered under the companies’ new arrangement include kid-friendly releases like Spider-Man: Beyond the Spider-Verse, Nintendo’s live-action The Legend of Zelda and a Sony Pictures Animation feature called Buds.

The financial terms of the deal were not disclosed, but several media reports indicate that it’s valued at around US$7 billion—which would be a massive jump from the US$2.5-billion domestic deal Netflix and Sony signed in 2021.

A slow implementation is planned, and the execution of the deal won’t be fully global until 2029 because select international territory rights haven’t expired yet.