Warner Music Partners with Netflix: Outsourcing Film Production to Deepen the Value of Superstar Song Copyrights

Golden Ten Data reported on October 9 that, according to people familiar with the matter, Warner Music (WMG.O) is about to reach an agreement with Netflix (NFLX.O) to jointly produce a series of films and documentaries based on Warner's artists and songs. The partnership marks a strategic shift for Warner Music. As part of a cost-saving plan, Warner Music closed its in-house film and television programming division earlier this year. The company is now looking to outsource that part of the work, people familiar with the matter said. Music biopics, documentaries, and related programming featuring songs by well-known artists have become a key business for record labels and rights holders to maintain the relevance of their music catalogs. In July, Warner Music said it was laying off employees and seeking to cut $300 million in costs. At the same time, the company announced a partnership with Bain Capital to invest up to $1.2 billion in the acquisition of the iconic music catalog.