Sony Pictures not ‘too worried’ about a slowdown in content spending, says CEO

While streaming giants like Netflix and Warner Bros. Discovery signaled a slowdown in content spending, Sony Pictures has yet to feel the change.

“I don’t think content spending has changed dramatically. The management of companies has changed dramatically,” said Tony Vinciquerra, president and CEO of Sony Pictures Entertainment.

Speaking at the Conference of Media, Communications and Entertainment of Bank of America Securities 2022 for young people, Vinciquerra said that Sony Pictures, which has a five-year first-sale license agreement with Netflix and a similar agreement with Disney, is not “very worried”. ” on the rhetoric and did not change production plans. That said, Vinciquerra believes the level of content spending will change once the early consolidation of streaming platforms begins.

“The world doesn’t need six or seven generic video subscription services,” said Vinciquerra.

Sony Pictures can exploit the streaming landscape as a self-styled “arms dealer” for the industry, a position Winkikera says she is happy to have given how much streamers spend to compete. In addition to its agreements with Netflix and Disney, the company also licenses and produces content for Amazon, Apple, Peacock and Warner Bros. for Discovery. (Sony Pictures notably produced the series chubby chronicles At HBO Max, the critically-acclaimed show was recently canceled after one season, a decision that Vinciquerra said “prevents [his] Go out”)

The studio is negotiating a deal with Netflix as the streamer prepares to launch a new ad-supported tier. For the ad-supported tier, Netflix has access to Sony Pictures content it has ordered, but there’s “a lot” of library content it doesn’t currently have access to, said Vinciquerra.

When asked about the size of this opportunity for Sony Pictures, Vinciquerra declined to discuss the details because the studio is in the midst of negotiations, but said he thinks it will be “something significant”.

When discussing theatrical releases, Vinciquerra said he sees the 45-day window as a guide but believes in flexible movie windows, citing the example. Spider-Man: No Way Home It stays in theaters for more than 90 days., And the underperforming films were taken out 45 days earlier.

At the studio, Vinciquerra said he would like to produce 15 films a year over the next few years, but will likely hit 12 as decisions about which theatrical films get the green light come under pressure from the pandemic and streaming platforms.