Netflix shares opened lower Thursday as the online TV streaming service announced a new partnership with Telefonica which will see the Spanish broadband and telecoms firm integrate Netflix with its TV and video platforms.
The integration will take place in both its European and Latin American markets.
By 1450 BST, Netflix shares were 0.72% lower at $342.22, while Telefonica shares had lost 0.69% to €7.84.
Latest Netflix deal
While few details are available yet, both Netflix and Telefonica are upbeat on the deal which will support both business’s growth plans.
“Over the next several years, our partnership with Telefónica will benefit millions of consumers who will be able to easily access their favorite Netflix shows, documentaries, stand-ups, kids content and movies across a range of Telefonica platforms”, said Netflix co-founder and CEO Reed Hastings.
For Telefonica, this represents a big step in broadening its partnerships and collaborations with relevant and popular, global companies.
“This agreement is a big step forward in Telefónica’s bet on open innovation and collaboration with leading companies around the world”, said José María Álvarez-Pallete, Executive Chairman of Telefónica.
“We want to offer our customers the most compelling video offering possible, whether it’s our own content or third party providers. The partnership with Netflix will significantly enhance our existing multichannel video platforms,” Álvarez-Pallete added.
More Netflix content announcements
Netflix has had plenty of news to announce recently. After sharing the news that the Obamas would produce programmes for the service, the US firm has also shared other exciting production-related news.
Netflix will partner with Skydance media to produce new Michael Bay film, Six Underground, which also stars Ryan Reynolds. This is the first collaboration between the two companies.
And that’s not all. Idris Elba is starring, directing and producing a new feature film version of the Hunchback of Notre Dame for the media business.