Warner Music in talks with Netflix for films about its artists

The appetite for music-centric programming has led to a swell of productions, such as the forthcoming Springsteen: Deliver Me from Nowhere from Walt Disney Co. Bloomberg

Warner Music Group Corp. is close to an agreement with Netflix Inc. to create a slate of movies and documentaries based on the label’s artists and songs, according to people familiar with the matter.

The partnership would represent a shift in strategy for Warner Music, which closed a division that produced films and TV programs earlier this year as part of a cost-saving initiative. The company is now looking to outsource that work, said the people, who asked not to be named discussing information that’s not public.

Robert Kyncl, chief executive officer at Warner Music, declined to comment on any specific deal, speaking at the Bloomberg Screentime conference in Los Angeles on Wednesday.

Warner Music has a “tremendous catalog” of rights to songs from legendary artists, from Madonna to Fleetwood Mac and Prince, Kyncl said. “The stories we have are incredible, and they haven’t been told,” Kyncl said. “It makes a lot of sense for us to partner with a company that can bring it alive all around the world.”

Music biopics, documentaries and adjacent programming featuring tunes from prominent artists have become an essential business for labels and rightsholders who want to keep their catalogs relevant. The appetite for music-centric programming has led to a swell of productions, such as the forthcoming Springsteen: Deliver Me from Nowhere from Walt Disney Co.

In July, Warner Music said it was eliminating jobs and looking to reduce costs by $300 million. At the same time the company announced it was partnering with Bain Capital to invest as much as $1.2 billion in iconic music catalogs.