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Netflix Inks $350 Million-Plus Renewal With VFX Firm DNEG

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Netflix signed a multiyear services renewal with VFX and animation company DNEG, under which the streamer expects to spend at least $350 million with the company through 2025.

The non-exclusive agreement covers the provision of visual effects and virtual production services by DNEG for Netflix series and movies through September 2025. The new deal extends and expands on a previous agreement that the companies signed in September 2020.

Under the agreement, Netflix has agreed to assign projects to DNEG worth a minimum of $350 million of its services over the term, “which may be increased if certain project award milestones are achieved,” DNEG disclosed in a regulatory filing.

DNEG is working with Netflix on a number of upcoming projects, including “Stranger Things” Season 4; Rian Johnson’s “Knives Out 2”; fantasy action-dramas “The School for Good and Evil” and “Avatar: The Last Airbender”; origin story “The Witcher: Blood Origin”; and upcoming fantasy comedy-adventure “Slumberland” from director Francis Lawrence. In addition, DNEG Animation is providing animation services for the animated feature film “Nimona,” slated to be released by Netflix in 2023.

Previously, DNEG has provided VFX services for Netflix series including “Locke & Key” Seasons 1 and 2, “Shadow & Bone,” “The Irregulars,” Cursed, “Altered Carbon” Seasons 1 and 2, “Jupiter’s Legacy,” “Away,” “The Letter For The King,” “Black Mirror” Seasons 4 and 5, and “The Dark Crystal: Age of Resistance,” as well as a number of Netflix movies. DNEG’s ReDefine division has delivered VFX for Netflix movies such as “The White Tiger,” “Mimi” and “Sweet Girl” and is currently in production on upcoming Adam Sandler movie “Hustle.”

“This agreement is transformative for DNEG and creates the opportunity for further expansion of our global scale and further investment in DNEG’s industry-leading technology,” DNEG chairman and CEO Namit Malhotra said in announcing the renewal.

To meet “the strong demand for our services and drive even further growth,” according to Malhotra, DNEG is looking to expand its capacity up to 40% by year-end 2022.

DNEG has nearly 7,000 employees with worldwide offices and studios across North America (Los Angeles, Montréal, Toronto and Vancouver), Europe (London) and Asia (Bangalore, Chandigarh, Chennai and Mumbai).

DNEG is set to become a publicly traded company through a merger with Sports Ventures Acquisition Corp, a special purpose acquisition company (SPAC). That’s expected to close in the first half of 2022.

(Pictured above: Netflix’s “Stranger Things 4”)

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