Thursday December 7, 2023

Netflix Leans Into Sports Docs As Live Sports Put on Backburner

  • Netflix reported $7.85 billion in fourth-quarter revenue.
  • The streaming service added 7.66 million subscribers during the quarter.
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Netflix reported $7.85 billion in fourth-quarter revenue and added over 3 million more subscribers than expected.

The streaming service added 7.66 million subscribers during the quarter — significantly higher than the 4.57 million expected, according to StreetAccount estimates. Netflix also launched a lower-priced, ad-supported plan in November.

Netflix’s new sports and fitness content could be a draw for new customers going forward.

  • Earlier this month, Netflix released the first five episodes of its new “Break Point” series chronicling professional tennis’ 2022 season.
  • Netflix is also working on a golf series with the PGA Tour and a documentary series on the Tour de France.
  • In May 2022, it renewed “Drive to Survive” with Formula 1 for the 2022 and 2023 seasons.
  • The platform teamed up with Nike Fitness Club to add fitness classes to its library last month. Netflix will release a total of 90 workouts.

Netflix ended 2022 with 231 million paid memberships and $32 billion in revenue. It expects 4% revenue growth for the first quarter.

Not Ready To Go Live

While Netflix’s sports content is growing, the company still hasn’t made its way to live sports.

“We’ve not seen a profit path to renting big sports,” Netflix co-CEO Ted Sarandos said last month, adding that Netflix isn’t “anti-sports,” just “pro-profit.”

Netflix also announced Thursday that founder Reed Hastings is stepping down as co-CEO and will now serve as executive chairman.

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