One of the biggest deals of 2021 has just been inked, making Amazon one of the biggest players in the streaming industry. The world of entertainment has never been this competitive. When it comes to streaming, the world is watching the biggest names drop billions of dollars to own the hottest titles and largest catalogues, and Amazon has just stepped up the game in a very big way. In an unprecedented move, The Guardian reports that Amazon has just dropped an astounding $8.45 billion to purchase MGM. They now own some of the biggest titles in the world, and have edged ahead of the competition, putting the likes of Netflix and Disney + on edge.
Now, more than ever, streaming services are relied upon by millions of people across the globe. The biggest names are vying for the attention of these mass consumers of entertainment and especially now, with the pandemic keeping people holed up at home, there has never been greater need for at-home entertainment.
Streaming services such as Netflix and Disney + have been making waves by acquiring and renewing the contracts they have with their biggest studios and labels, but there's always the insatiable need for more.
Amazon's bold move to drop an astounding $8.45 million on the acquisition of MGM Studios will set them well above the competition. According to The Guardian, "The famous studio has a library of 4,000 film titles and 17,000 hours of TV programming – ranging from Gone with the Wind and The Hobbit to TV hits such as The Handmaid’s Tale – that has collectively won more than 180 Academy Awards and 100 Emmy Awards."
This huge move is being overseen by Mike Hopkins, the man who heads Prime Video and Amazon Studios. He expressed his excitement during an interview with CNN during which time he said; "The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM's talented team. It's very exciting and provides so many opportunities for high-quality storytelling,"
The hefty price tag for this new deal will provide Amazon with the edge they need, and Jeff Bezos is ready to tackle the next phase in developing his newly acquired content. CNN quotes him as saying; "The acquisitions thesis here is really very simple: MGM has a vast, deep catalog of much beloved intellectual property, and with the talented people at MGM and the talented people at Amazon Studios, we can reimagine and develop that IP for the 21st century."
To date, streaming has been a relatively small aspect of Amazon's massive empire, but this new deal is sure to change that perspective, taking them to the very top reigns of streaming supremacy.
Sources: CNN, The Guardian