Netflix Inks Deal with Affleck/Damon Studio
Ben Affleck and Matt Damon's Artists Equity studio has signed a first-look deal with Netflix for production and distribution. The move is another example of major platforms outsourcing creative development, similar to how F1 renewed its deal with C15 Studio for its US channel creative.
The new first-look deal for direct-to-streaming films builds on Artists Equity's recent success with Netflix on the movie "The Rip," which garnered 112 million views after its January 16th release. This partnership will run alongside an existing agreement Artists Equity has with Sony Pictures for its theatrically released films. Artists Equity was founded in 2022 by Ben Affleck, Matt Damon, and Gerry Cardinale of RedBird Capital with a mission to create an "artist-led studio." The company's stated goal is to create entrepreneurial partnerships with filmmakers, giving them more creative control and a larger share of the profits. Affleck serves as CEO, with Damon as Chief Content Officer. The studio's model is a response to the shift in the industry where streaming success has largely replaced box office performance, changing how creators are compensated. Artists Equity aims to share profits more equitably with a wider range of creatives, including cinematographers, editors, and costume designers, not just the big-name stars, writers, and directors. For their recent Netflix film, "The Rip," Artists Equity negotiated a performance-based bonus structure that would distribute profits among the entire 1,200-person cast and crew if certain viewership numbers were met. This was a departure from Netflix's standard upfront compensation model. The company's first film was "Air," which premiered in 2023 and told the story of Nike's deal with Michael Jordan. Upcoming projects under the Artists Equity banner include "Animals," a thriller directed by and starring Affleck, which is also slated for Netflix. Beyond film, Artists Equity has expanded into unscripted content, producing documentaries like "Kiss the Future," and has a significant advertising division. This division created four consecutive Super Bowl commercials for Dunkin' and a campaign for Stella Artois.
