Netflix and Nickelodeon have formed a new, multiyear output deal to produce original animated feature films and television series based on the Nickelodeon library of characters as well as all-new IP.

The deal comes just one day after the launch of the Disney+ subscription service, which has amassed 10 million subscriptions in under 24 hours. Both companies agree that with the ever-growing landscape of streaming services, their collaboration was the next logical step.

“Nickelodeon’s next step forward is to keep expanding beyond linear platforms, and our broader content partnership with Netflix is a key path toward that goal,” says Brian Robbins, president, Nickelodeon.

Nickelodeon has already brought several popular titles to Netflix, including animated specials “Rocko's Modern Life: Static Cling” and “Invader Zim: Enter the Florpus.” The existing relationship between the companies will continue to grow with this agreement.

“Nickelodeon has generated scores of characters that kids love, and we look forward to telling wholly original stories that reimagine and expand on the worlds they inhabit,” says Melissa Cobb, vice president, original animation, Netflix. “We’re thrilled to continue collaborating with Brian Robbins, Ramsey Naito and the creative team at Nickelodeon in new ways as we look to find fresh voices and bring bold stories to our global audience on Netflix.”

Netflix is currently the world's leading internet entertainment service with 158 million paid memberships in more than 190 countries. Nickelodeon boasts 40 years of business and is the No. 1 entertainment brand for kids.