Last year, Netflix (NFLX +2.05%) broadcast more than 200 live events, including Christmas NFL games, major boxing matches, and WWE programming. Live events are a relatively new feature of Netflix's platform, and deals to secure them have been pricey. In an agreement struck last year, Netflix will pay more than $5 billion over a 10-year period for rights to broadcast WWE's Raw.
Image source: Netflix.
Despite that heavy spending, live events account for "a relatively small portion of total view hours," according to Netflix co-CEO Ted Sarandos. In the second half of 2025, Netflix recorded 96 billion total view hours across its platform. WWE content pulled in just 340 million view hours during all of 2025, accounting for a minuscule percentage of total viewing hours.
Do these investments in live events make sense for Netflix? According to management, there are benefits beyond viewing hours that validate the company's live events strategy.
Live events are surprising valuable for Netflix
According to Sarandos, live events "typically have outsized positive impacts on the business, around conversation and acquisition, and we're also starting to see some benefits to retention as well."
Data research firm Ampere Analysis found that Netflix's Christmas Day NFL games, which included a Lions-Vikings matchup that drew in 27.5 million viewers, triggered 430,000 new subscribers. According to the findings, this represents the third-largest subscriber surge since 2018. What's more, 45% of consumers who signed up for Netflix's 2024 Christmas NFL games were still subscribers one year later.
Live events appear to be a powerful customer-acquisition tool that complements Netflix's sales and marketing efforts. Netflix spent nearly $3.4 billion on sales and marketing during 2025. Viewed relative to the company's prolific marketing spending, expensive deals for live events make a lot more sense if they're successfully drawing in new subscribers.
The plan going forward is to further ramp up live events, particularly in international markets. "And we're expanding to do more now outside of the U.S., including World Baseball Classic in Japan, I mentioned that in March. And this Friday, have Skyscraper Live which is gonna be an edge of your seat TV experience for sure. So more to come there," said co-CEO Gregory Peters.
NASDAQ: NFLX
Key Data Points
Making live events work in the age of streaming
Netflix may never be the premier destination for live sports, but it doesn't have to be to drive its membership count higher. The company is focusing on recurring live events, such as WWE Raw, as well as high-profile events like Christmas Day NFL games. While viewership of these events is an important metric, their impact on membership growth and retention matters more.
So far, Netflix's foray into live events appears to be paying off despite the high cost of entry. In an increasingly competitive streaming market, Netflix's live events strategy can help the company stand out and drive membership growth for years to come.
