New Movies Coming To Netflix (NFLX)
A new multi-year agreement with Miramax will increase the number of movies in the Watch Instantly category by several hundred titles. According to the press release, this is the first time a digital subscription service will have access to Miramax titles. For U.S. Netflix subscribers, this will add to the number of movies which can be viewed instantly; giving access to many of the “most loved and acclaimed pictures from the Miramax film library”.
At the time of the press release, financial terms have not yet been disclosed. What we do know is Netflix subscribers in the US will see more movies added to the inventory on a rotating basis. Although there will be several hundred titles added, subscribers should note not all titles will be added at once. The addition of new titles will occur over time and on a rotating basis.
Netflix continues to grow in popularity in the digital subscription service and this announcement will surely add to this popularity among subscribers. Users have the option to view movies instantly through their television, computer, mobile device and tablets.
As stated by Netflix Chief Content Officer, Ted Sarandos, “Netflix is thrilled to enter into this deal with the new team at Miramax. Existing relationships with management and a shared affinity for these great films make this an important deal for both companies and for our members, who enjoy instantly watching movies from one of the truly great film libraries for many years to come.”
Mike Lang, CEO of Miramax has this to say regarding the new deal with Netflix, “From day one, we’ve been very clear about the importance of digital and our desire to respond to the significant pent-up demand for our films — delivering to consumers whenever and wherever they want. This agreement is an important first step in our digital strategy. Netflix has always been a trailblazer, with a tremendous track record of innovation and quality customer service. We’re thrilled to now be in business with them as we build and revitalize the proud Miramax brand.”
With close to 25 million subscribers, Netflix must continue to look for new and innovative ways to deliver services in an increasingly competitive digital service industry.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.