Netflix and Warner Music Group Reportedly Near Deal to Develop Artist Biopics and Content
Los Angeles,October 9,2024 – Netflix and Warner Music Group (WMG) are in discussions for a extensive partnership that would leverage WMG’s extensive music catalogue to create films,documentaries,and other video content,according to reports. The potential deal, revealed at the Bloomberg Screentime conference on Wednesday (Oct. 8), aims to capitalize on the growing popularity of music-focused biopics and artist stories.
WMG CEO Robert Kyncl, a former Netflix executive instrumental in launching the streaming service in 2007, highlighted the value of the company’s roster, stating, “Our company has a tremendous catalog: Prince, Madonna, Fleetwood Mac… The stories we have are incredible, and they haven’t really been told. We’re like Marvel [Comics] for music.” A partnership with Netflix, boasting over 300 million subscribers in more than 190 countries, would provide WMG with a global platform for these narratives without the financial burdens of traditional theatrical releases.
The move comes as music biopics have proven to be notable drivers of catalog value. The 2018 film Bohemian Rhapsody demonstrably “turbocharged” demand for Queen’s music, contributing to the catalog’s $1.27 billion valuation when acquired by Sony Music in 2024. Similarly, Elvis (2022) increased the value of the singer’s estate from $600 million in 2020 to $1 billion in 2022. Upcoming biopics on Michael Jackson and Bruce Springsteen are also anticipated to boost the value of their respective catalogs for Sony Music.
Netflix has already established a track record in music-focused documentaries, including Rolling Thunder Revue: A Bob Dylan story directed by Martin Scorsese, Miss americana featuring Taylor Swift, Quincy chronicling the life of Quincy Jones, and homecoming: A film by Beyoncé.
However, the advancement timeline for films presents a challenge, as the financial benefits – through synch royalties and increased streams – are not immediate. Natalia Nastaskin,chief content officer at Primary wave,noted in 2024 that the peak of music biopic popularity “may take several years” due to this lag time.
