Netflix Inc NFLX had a successful debut with two NFL games on Christmas Day showing strong viewership and helping boost subscriber figures in the fourth quarter.
With reports of the company's interest in additional NFL games, a Benzinga poll shows the impact this could have on subscriber figures.
What Happened: After years of focusing on what it called "sports adjacent" content, Netflix has increased its bets on live sports with golf, NFL, tennis and WWE.
The company's chief content officer Bela Bajaria also said Netflix would be interested in more NFL games if possible.
"I definitely want the Sunday (afternoon) games," Bajaria said on "The Town" podcast, as reported by FrontOfficeSports.
The answer came when asked which NFL media rights Netflix would be interested in. Netflix later acknowledged that Bajaria’s comments were informal and not a new content strategy shift.
The Sunday afternoon games are controlled by Paramount Global PARAPARAA and Fox Corporation FOXFOXA.
Those deals are set to expire after the 2033 NFL season, but the NFL has an opt-out clause that could see it end the deals early after the 2029 season. A deal with The Walt Disney Company DIS for “Monday Night Football” ends after the 2030 season. While the NFL may be content with opening up the rights, Netflix would likely be part of a bidding war with the media companies and could end up spending more than it wants.
Benzinga recently asked readers if adding NFL games could help the streamer.
"Would you subscribe to Netflix specifically for NFL content?" Benzinga asked.
The results were:
- No, I prefer other options: 56%
- I already subscribe to Netflix: 34%
- Yes, I'd subscribe for NFL games: 10%
The poll found that Netflix having additional NFL games might not add significantly to its subscriber base.
Netflix ended the fourth quarter with 301.63 million paid subscribers, adding a record 18.91 million paid sub. The company will no longer report subscriber figures quarterly, choosing instead to focus on key financial metrics.
Read Also: Netflix Hits All-Time Highs: Could Another Stock Split Be On The Horizon?
Why It's Important: Netflix is on a three-year deal with the NFL that gets the streaming company at least one game every Christmas Day.
In 2024, Netflix streamed two games on Christmas with the games having averages of 24.3 million viewers (Baltimore Ravens, Houston Texans) and 24.1 million viewers (Kansas City Chiefs, Pittsburgh Steelers).
Those games set new NFL streaming records for the regular season, surpassing even the 23.0 million viewers of Peacock’s exclusive streaming game during the 2023 NFL playoffs.
The Netflix Christmas Day games saw huge advertising demand and likely broke even on revenue for the company, not counting the additional subscribers the company gained along the way.
Over the past year, Netflix has launched a live boxing event headlined by Jake Paul and Mike Tyson, had two NFL games on Christmas and launched its new partnership with WWE, which is a unit of TKO Group Holdings TKO.
Netflix landed the U.S. rights to the Women’s World Cup in 2027 and 2031. The company is also said to be exploring a bid for the U.S. rights to Formula 1. ESPN has had the rights to Formula 1 since 2018 and its deal expires after the 2025 season.
While Netflix previously avoided live sports and full seasons, its new strategy seems focused on acquiring as much sports content as possible to drive advertising and subscriber revenue.
The big question for Netflix subscribers could end up being if Netflix's move is the right one with billions of dollars likely needed to land additional NFL rights. The results of the Benzinga reader poll show mixed results and could suggest that Netflix is best suited running with its current Christmas Day games and other content plans.
NFLX Price Action: Netflix stock trades at $972.58 versus a 52-week trading range of $542.01 to $1,064.50. Netflix stock is up 10% year-to-date in 2025 and up over 57% in the last year.
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The study was conducted by Benzinga from Feb. 24, 2025 through Feb. 26, 2025. It included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 137 adults.
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