With just about every major streaming service going all-in on live sports, Netflix is often asked if it plans to do the same.

The answer is no — at least for now.

“Our fundamental product is on-demand and ad-free, and sports tends to be live and packed with advertising,” Netflix co-CEO Ted Sarandos said during the company’s second-quarter earnings call.

Sarandos hasn’t completely ruled out one day streaming live sports, but there isn’t an immediate path forward.

“What is the best use of about $10 billion? I think that’s what it’s going to cost to invest meaningfully in big-league sports,” he continued. “When [live sports] becomes the best use of that next tranche of investment, we definitely would be open to it.”

Most other major streamers, like NBCUniversal’s Peacock and ViacomCBS’ Paramount+, take a different approach.

• Amazon, for example, secured its first exclusive NFL deal in March to stream “Thursday Night Football” on Prime Video for $10 billion over 10 seasons.
• When asked if he sees merit in Amazon’s live sports strategy, Sarandos replied, “I’m not sure that they’re looking for the same thing from their content spend that we are.”

The comments came alongside a Q2 earnings report that saw the streaming giant lose some of its momentum.

Netflix added 1.5 million net new subscribers, its lowest quarterly showing to date — likely due to the rise of Disney+ and HBO Max. However, revenue reached $7.34 billion, up 19.4% year-over-year.

Louis Vuitton Möet Hennessy bought a 60% stake in Off-White, the luxury conglomerate announced Tuesday. 

The investment brings another name with deep sportswear ties to LVMH’s unrivaled roster of brands.

Off-White, created by Louis Vuitton men’s artistic director Virgil Abloh, has a line of extremely popular sneakers with Nike. The two brands also teamed up to produce athletic apparel, including a collaboration with Manchester United forward Marcus Rashford.

Abloh designed the uniform Serena Williams wore while playing in the 2018 U.S. Open, as well.

Many other LVMH brands have high-profile sports tie-ins. Dior released its own Air Jordan sneaker, Hennessy partners with the NBA, and TAG Heuer sponsors Porsche’s racing team and athletes including Naomi Osaka.

Off-White is just the latest major acquisition for LVMH.

• In January, LVMH purchased Tiffany for $15.8 billion.
• In February, it bought 50% of Jay-Z’s Armand de Brignac champagne.
• It assumed full ownership of designer line Emilio Pucci in June.
• LVMH’s investment vehicle, L Catterton, bought 60% of Italian brand Etro earlier this week and Birkenstock for $4.8 billion earlier this year. The private equity group is exploring options to go public.

LVMH recently surpassed Nestlé in March to become the largest company in Europe — it has a market cap of $382 billion. Its founder, Bernard Arnault, is worth $182.1 billion.

Following an official vote from the IOC on Wednesday, Australian city Brisbane was awarded the 2032 Summer Olympic Games. With this year’s Olympics posing ongoing issues, it’s not clear if the city should be celebrating or concerned.

The Brisbane Games are slated to cost $3.7 billion, but that number could rise. 

• Japan, which begins hosting the delayed Tokyo Olympics on Friday, expected the Games to cost $7.5 billion when it won the bid in 2013.
• Estimates are now closer to $20 billion, and major sponsors like Toyota have scaled back their commitments.

Luckily, Brisbane says it has 84% of stadium and event venues already in place, with a new swimming arena planned. Transport projects will be completed in time for the Games. 

The 2032 Games will mark the third time Australia hosts the Olympics and its second Paralympics.

The 2000 Sydney Olympics cost roughly $6.5 billion, not including infrastructure developments. Melbourne hosted the Games in 1956, paying nearly $127 million. One dollar then equals about $9.73 now.

The U.S. is the only other country to have hosted the Summer Olympics in three different cities.

As cryptocurrency demonstrates its enduring popularity, crypto exchanges are scoring huge valuations.

FTX closed a $900 million Series B funding round on Tuesday that values the company at $18 billion. It is the largest private funding round in the crypto industry’s history. 

No stranger to pooling funds, FTX ran the round itself without tagging a lead investor. The 60-plus investors included SoftBank, Coinbase Ventures, Lightspeed Venture Partners, Ribbit Capital, and Sequoia Capital. 

FTX CEO Sam Bankman-Fried said the goal of the raise was to establish partnerships and gather funds for mergers and acquisitions.

The company has leaned hard into sports to grow its brand.

• FTX owns naming rights to the Miami Heat’s arena on a 19-year, $135 million deal.
• In June, FTX became the official cryptocurrency partner of Major League Baseball and the first brand to advertise on a patch worn by umpires.
• That same month, it signed up Tom Brady as a brand ambassador. 
• Esports team TSM rebranded to TSM FTX after signing a $210 million partnership with the exchange.

Bitcoin and Ethereum prices have fluctuated this summer after their lofty peaks in May. Following a selloff on Monday, Bitcoin dropped below $30,000 for the first time since January.