Netflix probably not interested in major NFL package
Netflix probably not interested in major NFL package
There’s been plenty of discussion over whether Netflix would go for a Sunday afternoon NFL parcel of games, but it appears the answer is no.
Roger Goodell is doing his best to get media companies fired up about a renewed pursuit of NFL rights. Although the terms of the NFL’s contracts with ESPN, CBS, Fox, NBC, and Prime Video say the deal runs through 2033, the league can opt out of those deals in 2029, and may want to head to the bargaining table as soon as next year. There’s been a ton of discussion regarding whether Netflix would be jumping into the fray in this round of negotiating, but new comments from the streamer’s co-CEO Greg Peters make it sound as if the answer is no.
Key Details:
- The numbers are tough: Peters says Netflix doesn’t have a way to “figure out the math” of big sports purchases.
- Fits the profile: Despite those words, NFL games are probably each big enough to fit with Netflix’s sports philosophy.
- Major events to come: Netflix is building up a strong roster of key sports to stream.
Peters took the stage this week at the Bloomberg Screentime Conference to discuss a wide range of topics. During his talk, Peters said that the pursuit of a major package of NFL games “doesn’t really fit with our strategy as we understand it right now.”
The executive elaborated that, while major sports like the NFL do essentially fit the bill of major viewing events week in and week out, the overall cost of a big NFL package might not be in Netflix’s best financial interests.
“We think about what we’re doing as an events strategy, and turns out … sports are big events … and so we can plug those into that strategy, but we also want to make sure that we’re being really, really disciplined about … are we buying, are we investing in ways that are profitable for the business and some of the big league sports things?” Peters said. “We don’t actually have a way to figure out that math.”
With all due respect to Peters, from a numbers perspective, the math seems surmountable. Netflix’s total revenue in 2024 was around $39 billion, versus around $29.2 billion for Paramount in the same period. Paramount pays around $2 billion per season for its package of Sunday afternoon NFL games, and while Netflix no doubt allocates its money differently in general, it could probably find a way to afford a major piece of the NFL schedule if it wanted.
There may still be a fear that adding a big Sunday bundle of games would make them feel less special in the eyes of Netflix viewers, but there are spotlight game packages to be had — specifically the Thursday night, Sunday night, and Monday night games. It’ll be hard to move “Monday Night Football” off ESPN, and Netflix likely would want to avoid that, since last year, the streamer signed a 10-year, $5 billion deal to air weekly episodes of “WWE Monday Night Raw” around the world. However, I think Netflix could make significant offers for “SNF” or “TNF” with a reasonable chance of success.
When looking across the other sports events Netflix has offered recently and will offer in the future, the ability to tout each one as a special viewing event is apparent in all, with the potential exception of “WWE Raw,” which Netflix stresses is sports entertainment and not a true sporting event in the traditional sense.
This year has been a big one for boxing on Netflix, with the Canelo Álvarez vs. Terence Crawford and Amanda Taylor vs. Katie Serrano 3 fights streaming on the service in 2025. Netflix will also get two more NFL games on Christmas Day this year, the Six Kings Slam special tennis tournament starting Oct. 15, and another boxing match between Jake Paul and Tank Davis on Nov. 14.
All of this is to say that despite Peter’s words, I’m not convinced Netflix will just ignore the opportunity to expand its relationship with the most popular sport in the United States. It probably won’t jump in to try and stream a Sunday afternoon package of NFL games, but I think a pursuit of just about any other NFL bundle is on the table when the league steps up to the negotiating table.
Netflix
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