October 20, 2019

Bingeworthy: Netflix Snaps Up Streaming Rights to ‘Seinfeld’

Similarly, “The Office” will soon be removed from Netflix and move over to Comcast and NBC Universal’s forthcoming streaming app, which is also expected to debut next year.

The deal Hulu has to stream “Seinfeld” is indicative of just how much the market has changed in recent years. In 2015, Hulu agreed to pay a little more than $20 million a year for six years to stream “Seinfeld,” according to a person briefed on the deal who spoke on condition of anonymity because the deal was not made public.

The recent deals for “Friends” and “The Office” helped increase the streaming value of older network sitcoms substantially. And the growing number of streaming services has made the marketplace far more competitive, with each service trying to create better original shows and license classic series to persuade consumers to subscribe. Financial terms of Netflix’s deal for “Seinfeld” were not disclosed, but it is certainly worth significantly more than the 2015 Hulu deal.

“Seinfeld,” “Friends” and “The Office,” were all hits for NBC when they were on the air, garnering ratings, critical praise and cultural cachet. The “Seinfeld” deal is just for streaming rights. Syndicated reruns of the show will remain on television throughout the country.

The new agreement puts Netflix even more squarely in the Jerry Seinfeld business. In 2017, Netflix purchased the back library for Mr. Seinfeld’s streaming interview show, “Comedians in Cars Getting Coffee” from Sony’s Crackle streaming service, and agreed to make new episodes. Netflix also made Mr. Seinfeld’s stand-up special “Jerry Before Seinfeld.”

Article source: https://www.nytimes.com/2019/09/16/business/media/seinfeld-netflix-streaming-rights.html?emc=rss&partner=rss

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