Ben Affleck and Matt Damon have entered into a deal with Netflix, signing a first-look streaming deal with the streamer’s Artist Equity.
Their company has a multi-year production and distribution agreement with the tech giant. Under the terms of the partnership, Artist Equity will be responsible for the creative and production of the film. This deal only covers direct streaming titles.
“This is an incredible milestone for Artist Equity and a testament to the vision we have had since 2022,” Damon and Affleck said in a statement. “From the beginning, we saw a growing need for an independent supplier who was comfortable throughout the creative process, from development to final cut. Netflix is the perfect fit for our work.”
Artists Equity has an existing theatrical feature film deal with Sony Pictures, which will see the company develop and produce movies for the big screen. Sony has a Pay-1 agreement with Netflix, so these movies will also be distributed to the streamer after they are released in theaters or on demand.
Damon and Affleck praised Netflix Film Chairman Dan Lin and his team’s “unique connection to modern audiences and ability to unite them through shared cultural moments,” and concluded, “We can’t wait to create many more ambitious, globally resonant stories together.”
The announcement follows the January release of the action thriller “The Rip,” starring Damon and Affleck, which spent three weeks at number one on Netflix’s Global Top 10 chart. The film racked up 112.3 million views in six weeks, according to the distributor’s vague metrics. Later this year, Netflix will release Affleck’s next directorial film, Animals, in which he will co-star with Kerry Washington, Gillian Anderson, and Steven Yeun. “Animals” is about a Los Angeles mayoral candidate and his wife who must arrange a ransom after their son is kidnapped.
“We are expanding our partnership with Artist Equity because they share our mission of making bold and original films,” Lin said. “Ben and Matt don’t wait for opportunities; they create them, from producing and starring in ambitious original films to building innovative studio models. Audiences around the world are loving The Rip, and we can’t wait to release the thriller Animals later this year. Officializing this relationship means we’ll make even more memorable films together.”
Artists Equity is a production venture backed by RedBird Capital Partners that aims to increase revenue participation and provide a “talent-friendly” environment for creators. Affleck and Damon said their goal was to “fill a significant gap in the market as an external supplier with all the capabilities of a traditional studio to develop, finance, produce and oversee all aspects of the creative process.” Artist Equity currently operates across three sectors: scripted film and television, unscripted, and advertising.
Artist Equity has released films since its launch in November 2022, including the Nike drama “Air,” starring Damon and Affleck. Unstoppable is a moving sports story led by Jennifer Lopez. The crime sequel The Accountant 2, starring Affleck and Jon Bernthal, and the Kiss of the Spider-Woman remake, starring Lopez, Diego Luna and Tonatiu, are being produced by studios including Amazon MGM, Lionsgate and Roadside Attractions.
While promoting “The Rip,” Damon pulled back the curtain on his work as a streamer. He said Netflix executives want viewers to rephrase a movie’s plot “three or four times in conversation” because they know viewers “are on their phones while watching.”
“In a standard action movie, there are three sets: one is the first act, one is the second act, and one is the third act,” Damon said on Joe Rogan’s podcast. “We spend most of our money on the third act. That’s the finale. And now they’re saying, ‘Can we get something big in the first five minutes? We want people to stick around. And it’s not terrible if we repeat the plot three or four times in conversation, because people are on their phones while they’re watching.'”
