In under 20 years, Netflix has gone from a small but promising streaming service to the most visible and prominent name in a highly competitive streaming industry. They’re a testament to how persistence and a willingness to commit to new technology and ideas can pay off handsomely in the long run.
Not perturbed by Blockbuster turning them down in a potential $50 million takeover bid in the year 2000, the Californian-based company now has over 280 million active subscribers who pay a monthly fee.
Now that Netflix has successfully entered the mainstream entertainment space and is turning billions of dollars in profit per year, it is turning its attention to sports, which has often been the off-limits golden goose for streaming companies. Will they be able to make a serious dent in this, or will they struggle like Amazon Prime and Paramount+ did when they took a big gamble to stream sporting events?
Branching Into New Areas Of Digital Entertainment
For a company the size of Netflix, it mustn’t stay still in the market. Disney+, Paramount, and Amazon’s multi-billion dollar companies are breathing down their necks. By leveraging its position at the top of the market, Netflix arguably stands the best chance of becoming a titan of sports broadcasting.
Market analysts believe there are only a finite number of potential expansions that could yield anywhere near the same return that a successful inroad into sports broadcasting could.
However, streaming is undeniably the new platform on which people can watch their sports.
It’s already reshaped and dominated many other industries, such as the casino gaming industry. In light of recent changes that have brought in a tsunami of new customers to the gambling world, none of the big streaming companies are yet to test the waters and offer casino gaming streaming services.
Playing poker online has become an enormous industry, with millions playing many variations, including Omaha Poker, using their smartphones and tablets. Omaha poker real money games already have such a substantial audience and many high-profile casino brands offering services; it’s a tough, saturated market to crack – so it’s not surprising that streaming services have attempted to branch into new areas yet.
But if the iGaming industry continues to grow at the rate it has been over the last 5 years, especially in the US, expect to see more interest in this entertainment area.
Sports On Netflix
Given Netflix’s massive library of sporting documentaries and colossal audience, it should be no surprise that they have already put the feelers out to see what their sporting demographic could look like. In 2023, they tried their hand at golf streaming, which gave insight into how the new model could look.
Although golf has a strong viewership, it’s in a lower bracket than the Big Four US sports and soccer internationally, particularly the English Premier League and the UEFA Champions League. In what is a damning indictment of boxing, and a real showcase of what has made Netflix so successful over the last 25 years, the Mike Tyson vs Jake Paul exhibition beat the record for the highest combat sport of all time.
Given the astonishing audience potential in India, Netflix has been rumoured to be considering branching out into cricket as well. They have already screened some Bollywood films via a longstanding collaboration with Sony and Culver Max Entertainment. If they can win the rights for IPL games, their current base of 12 million users (source: Statista) could spiral quickly. However, we should earmark this by saying they haven’t made any definitive statements that they have their eyes set on the IPL or international cricket.
To showcase just how multifaceted Netflix is becoming in the arena of live sports, it has announced mega deals with the WWE, which are set to kick off in early 2025, and it is streaming its first-ever NFL games this Christmas.
Summary
There’s no disputing that Netflix has the market brand, reputation, visibility, and liquid capital to embark on a significant attempt to become the new global sports broadcaster. It’s not going to come cheap, though. Not only do they face competition from their streaming adversaries, but many see sports broadcasting as one of the latest bastions that keep traditional TV relevant in the modern age.
It’s not something that TV bosses will loosen their grip on lightly, especially when they have become such a stalwart of basketball, football, ice hockey and baseball coverage. We know there’s more to becoming a global sports titan than dominating the US sporting audience.
Still, if Netflix can extend its tentacles into the NFL, stream more games, and then compound this with an effective move into cricket streaming in India or soccer in Europe, particularly the English Premier League, then it stands a real chance of becoming the figurehead for sports broadcasting as we head into the 2030s. It will be a bumpy road, though, and they’ll likely face massive competition along the way.
