Netflix To Start Streaming Sports?
Reportedly, Netflix is bidding for the streaming rights to a number of sports leagues.
Netflix has had a rough go at 2022 so far, as the streaming platform had to go through a season of layoffs earlier this year largely due to a reduction in subscribers. Launching an ad tier as an option for customers this year, Netflix is looking to find new ways to bring in revenue streams that will keep their consumers happy enough to stay with the service. Now, Deadline reports that Netflix is possibly going to start streaming live sports in the not-so-distant future, thanks to a behind-the-scenes gamble at stake where the company is bidding on the rights to show certain leagues on their platform.
This is not necessarily a first for streamers in this day and age as Peacock and Hulu currently have options to live-stream sports and other events as part of their platforms. However, Netflix has never been known for presenting content live to subscribers, but the company is quietly exploring all of its options with certain types of sports, including tennis tours and surfing leagues as part of the discussions as of late.
The streamer has become a popular destination for subscribers to watch sports documentaries and projects like the well-received Formula 1: Drive to Survive, so it’s not out of the realm of possibility that Netflix could get into the sports arena in other respects.
Netflix has never shown any live events or sports on its platform since streaming began at the company, as it has long been known for thought-provoking documentaries, original programming, and big-budget films. As an example, projects like The Gray Man starring Chris Evans, Ana de Armas, and Ryan Gosling ended up with a budget of $200 million, the largest in Netflix’s history, but failed to reach its target audience when it was released this year. Because of the remarkable content the streamer currently provides and a dwindling audience looking for variety in their streaming choices, it might take an extra set of ideas to bring in more revenue and keep subscribers from going elsewhere.
When Netflix moved away from DVDs to becoming a leader in streaming, its stock had a roller coaster ride for several years. But in recent memory, the platform has been a beacon of original television shows and they have acquired canceled series like Lucifer in order to bring in a built-in fanbase of viewers. The gamble paid off for quite some time until recently when Netflix has been starting to look at other options to keep business from going under, like offering sports packages to subscribers.
Netflix is currently still leading other streamers like Hulu and HBO Max in terms of subscriber numbers, but subscription streaming service platforms across the board are having a hard time keeping customers logged into their specific services.
Disney+ has made great strides in premiering record-breaking content like the recent rollout of Hocus Pocus 2. However, their subscriber numbers are looking to be trending in the downward direction as customers are abandoning the streamer after watching the movie just once. Netflix looking into adding live sports to their catalog might be a worthy endeavor for the streamer going forward, as it strives to appeal to various groups of customers to keep their business.