Amblin Partners, the film and TV production studio led by the blockbuster director, announced a partnership with the streaming company Monday that will include multiple new feature films per year for the service, according to the two companies.

Production deals are commonplace in the entertainment industry, but what makes Monday’s announcement stand out is that it’s another sign of the changing dynamics in Hollywood. Streaming services, especially Netflix (NFLX), have grown to major prominence in the industry. At the same time, traditional movie studios like Disney (DIS) and CNN parent company WarnerMedia have gone all-in on streaming.

Spielberg directed some of the most beloved and successful films in history, including “Jaws,” “Raiders of the Lost Ark” and “Jurassic Park.” So his partnership with Netflix is significant. It’s one of the biggest names of Hollywood’s old guard working with a company that is redefining entertainment.

Spielberg, chairman of Amblin, said in a statement…