Netflix Snags Miramax Licenses for Streaming

FOXBusiness

As if Netflix (NASDAQ:NFLX) couldn’t grow any larger.

In another impressing showing of the company’s ability to scoop up digital licenses, Netflix said on Tuesday it inked a multi-year deal to stream hundreds of Miramax films.

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Starting in June, Netflix will offer several hundred Miramax titles through its instant-viewing service, with dozens of movies being added on a rotating basis. The offer marks the first time Miramax titles have become available through a digital-subscription service.

Through the partnership, Netflix claims its library gains a variety of movies that collectively have earned 284 Academy Award nominations across 83 films, with 68 wins. The studio is responsible for iconic movies such as “The English Patient” and “Shakespeare in Love,” both "best picture" films, as well as “Pulp Fiction,” “Kill Bill,” “Good Will Hunting,” and “The Piano.”

Financial terms of the deal weren't disclosed. The Wall Street Journal previously reported that Miramax and Netflix were close to a five-year deal worth more than $100 million.

Netflix has been looking to transition to a streaming-only business model in an effort to save on shipping costs, but its streaming service still offers a smaller selection than the traditional red envelope DVDs.

Its efforts to capture digital licenses for the service have helped the company snag Web traffic from search engines, according to a new study by Sandvine. The study found that in North America, Netflix has 29.7% of peak downstream traffic and has grown to become the largest source of Internet traffic overall.

Its growing share of the market is evidence that its services are taking hold in households across the U.S. and Canada. The company had 23.6 million subscribers as of the end of March.