For years, leisure firm executives fortunately licensed basic films and tv shows to Netflix. Each side loved the spoils: Netflix acquired widespread content material like “Associates” and Disney’s “Moana,” which happy its ever-growing subscriber base, and it despatched luggage of money again to the businesses.

However round 5 years in the past, executives realized they have been “promoting nuclear weapons know-how” to a strong rival, as Disney’s chief government, Robert A. Iger, put it. Studios wanted those self same beloved films and shows for the streaming companies they have been constructing from scratch, and fueling Netflix’s rise was solely hurting them. The content material spigots have been, largely, turned off.

Then the tough realities of streaming started to emerge.

Confronting sizable debt burdens and the truth that most streaming companies nonetheless don’t become profitable, studios like Disney and Warner Bros. Discovery have begun to soften their do-not-sell-to-Netflix stances. The businesses are nonetheless holding again their hottest content material — films from the Disney-owned Star Wars and Marvel universes and blockbuster authentic collection like HBO’s “Recreation of Thrones” aren’t going wherever — however dozens of different movies like “Dune” and “Prometheus” and collection like “Younger Sheldon” are being despatched to the streaming behemoth in return for much-needed money. And Netflix is as soon as once more benefiting.

Ted Sarandos, one in every of Netflix’s co-chief executives, stated at an investor convention final week that the “availability to license has opened up much more than it was previously,” arguing that the studios’ earlier resolution to maintain again content material was “unnatural.”

“They’ve all the time constructed the studios to license,” he stated.

As David Decker, the content material gross sales president for Warner Bros. Discovery, stated: “Licensing is turning into in vogue once more. It by no means went away, however there’s extra of a willingness to license issues once more. It generates cash, and it will get content material considered and seen.”

Within the coming months, Disney will begin sending a variety of shows from its catalog to Netflix, together with “This Is Us,” “How I Met Your Mom,” “Jail Break” and a number of other editions of ESPN’s sports activities documentary collection “30 for 30.” “White Collar,” a Disney-owned present that used to be a part of the identical lineup as “Fits” on the USA Community, can even be a part of the service. (Previous episodes of “Fits” have been one in every of Netflix’s largest hits this yr.) The favored 2000s-era ABC hit “Misplaced,” which left Netflix in 2018, can also be returning subsequent yr.

Jeremy Zimmer, the chief government of the United Expertise Company, stated the studios’ about face was a “monetary necessity.”

“They stated, ‘Wow, to ensure that us to compete in streaming, it’s costing us billions to create new content material to drive subscriptions,’” Mr. Zimmer stated. “‘The place are we going to discover the cash? Oh! Now we have these items that’s been sitting right here. We will promote that.’ It’s a really logical development.”

Acknowledging the motivation, Dan Cohen, the chief content material licensing officer for Paramount, stated one of many largest benefits to licensing for conventional media corporations was that “the margins have a tendency to be excessive.”

Films and collection from different studios have lengthy supplied a significant spine to Netflix, permitting executives to populate the service with established favorites to complement its authentic collection like “The Crown,” “Wednesday” and “The Diplomat.” The corporate stated on Tuesday that from January to June, 45 % of all viewing on the service got here from licensed shows and films.

Whereas the quantity of licensed content material on the service is rising after a slowdown, content material from different studios by no means utterly went away. In accordance to Netflix, the highest 10 most-watched film checklist for a one-week interval ending Dec. 10 contains 4 movies from Common Footage alone. These films come to Netflix from a handful of agreements with Common, one in every of which was reached in 2021, during which new animated theatrical releases like “The Tremendous Mario Bros.” go to Netflix as a part of a construction that toggles titles between Netflix and Common’s personal streaming service, Peacock.

The streaming big has an identical settlement from 2021 with Sony Footage, whereby the studio sends films like “Spider-Man: Throughout the Spider-Verse” and the Jennifer Lawrence comedy “No Laborious Emotions” to Netflix 4 to six months after their theatrical run is full.

Studios are additionally licensing content material to companies like Amazon, Tubi and Hulu, of which Disney is almost all proprietor. And, usually, Netflix doesn’t have unique entry to the flicks and collection it’s getting; many titles can even be accessible on leisure firm companies like Max and Hulu.

Nonetheless, the return to Netflix is notable.

When Warner Bros. was starting to construct out its streaming service — now generally known as Max — in 2020, it held again content material from Netflix, which was now a direct and formidable competitor. Netflix has 247 million subscribers worldwide, whereas Max has lower than half that.

David Zaslav tossed that coverage apart quickly after he took over as chief government of Warner Bros. Discovery in April 2022. Final month, a number of seasons of “Younger Sheldon,” a CBS present that Warner Bros. produces, grew to become accessible on Netflix. The collection rapidly discovered itself on the service’s high 10 most-watched checklist.

Many Warner Bros. film titles additionally started showing on Netflix lately, together with the 2021 blockbuster “Dune,” and D.C. movies like “Man of Metal,” “Batman v Superman: Daybreak of Justice” and “Marvel Girl.”

For years, Netflix had been attempting to get its arms on HBO content material. Although HBO had a historical past of licensing a number of of its shows — “Intercourse and the Metropolis” to the E! Community, as an example, or “The Sopranos” to A&E — the corporate steadfastly refused to license to Netflix.

That abruptly modified a number of months in the past when Netflix purchased the rights to stream HBO collection like “Insecure,” “Ballers,” “Six Toes Below,” “Band of Brothers” and “The Pacific.”

Practically the entire shows rapidly grew to become hits on the streaming service.

“I’m snug with it, and to date, it appears to be working,” Casey Bloys, HBO’s chairman, stated at a information media convention final month, including that any present that has change into accessible on Netflix has additionally seen an “uptick” in viewing on the Max streaming service.

Netflix credit its massive subscriber base and its suggestion algorithm as the explanations {that a} 22-year-old present like “Six Toes Below” or a as soon as forgotten primary cable authorized drama like “Fits” can change into a success on its service.

“That could be a reflection of what we do finest,” Mr. Sarandos stated this week.

Nonetheless, Netflix doesn’t anticipate returning the favor.

Mr. Sarandos stated that the corporate doesn’t have a division for licensing authentic collection nor does he see any motive to set one up.

“I do assume that we are able to add super worth after we license content material,” he stated. “I’m not constructive that it’s reciprocal.”