The longtime friends and collaborators run Artists Equity together, and their company is joining forces with the global streamer for a new multi-year production and distribution agreement.
The Hollywood stars said in a joint statement: "This is an incredible milestone for Artists Equity and one that validates the vision we've been working towards since 2022.
"From the jump, we've seen this growing need for an independent supplier comfortable across the entire creative process, from development to final cut.
"Netflix is a great match for our work."
Under the terms of the deal - which only covers straight-to-streaming projects - Artists Equity will be in charge of creative and production for their movies.
The company still has its existing agreement with Sony Pictures, which is focused on developing and producing feature films for the big screen.
Affleck and Damon heaped praise on Netflix Film chairman Dan Lin and his team a "unique connection with the modern viewer and the ability to unite audiences over a shared cultural moment".
They added: "We can't wait to create many more ambitious, globally resonant stories together."
Last month, the duo starred together in action thriller The Rip, which topped Netflix's global top 10 charts for three weeks, and amassed 112.3 million views over six weeks.
Lin said in his own statement: "We're expanding our partnership with Artists Equity because they share our mission — to make bold, original films.
"Ben and Matt don't wait for opportunities, they create them: from making and starring in ambitious, original films, to building an innovative studio model.
"Audiences worldwide are loving The Rip, and we can't wait to share the thriller Animals later this year. Formalising this relationship means we will be making even more memorable movies together."
Animals will be directed by Affleck, and he will also star in the film alongside Gillian Anderson, Kerry Washington and Steven Yeun.
The film will follow a LA mayoral candidate and his wife, who are forced to come up with ransom money after their son is kidnapped.
While promoting The Rip earlier this year, Damon revealed that Netflix executives are keen for movies to restate the plot for viewers "three or four times in the dialogue" because they are likely distracted by a second screen.
He told Joe Rogan's podcast: "The standard action movie (has) three set pieces. One in the first act, one in the second, one in the third.
"You spend most of your money on the third act. That's your finale. And now they're like, 'Can we get a big one in the first five minutes? We want people to stay.
"'And it wouldn't be terrible if you reiterated the plot three or four times in the dialogue because people are on their phones while they're watching.' "
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