The acclaimed filmmaker Steven Spielberg has struck a multiyear deal to make movies for Netflix Inc., a huge get for the streaming giant as it faces increased competition for talent and content from deep-pocketed rivals such as Walt Disney Co. and Amazon.com Inc.
Under the terms of the deal, announced by Netflix and Mr. Spielberg’s Amblin Partners, the studio will make multiple new films for Netflix over the course of the agreement. The pact with Netflix doesn’t affect Mr. Spielberg’s long-term relationship with Comcast Corp.’s Universal Pictures where Amblin Partners is based.
Netflix’s signing of Mr. Spielberg, whose body of work includes “Jaws,” “E.T.,” and “Saving Private Ryan,” indicates that the company is keeping a sharp eye in its rear-view mirror. Although Netflix is far and away the most popular streaming service around the globe, its competitors are growing in number and strength.
Walt Disney’s Disney+ has made strong inroads in the U.S. and abroad. Other rivals are also gunning for Netflix. Last month, Amazon acquired the MGM movie and TV studio in a deal valued at $8.45 billion including debt. Among the properties that will now be part of Amazon is the James Bond franchise.
HBO Max, the year-old streaming service launched by AT&T Inc.’s WarnerMedia, is also beefing up its original and acquired content as is Comcast’s Peacock service.