Live Events and Sports Fuel Streaming Dominance
To combat subscription cancellations, streaming giants Netflix (NFLX) and Amazon (AMZN) are expanding their offerings with live events and sports.
David Levy, co-CEO of Horizon Sports and Experiences, emphasizes the ease of canceling streaming services compared to cable. To retain viewers, platforms must provide compelling content.
Netflix's introduction of WWE programming and the fight between Mike Tyson and Jake Paul have demonstrated the success of live events. Rumors suggest Netflix is eyeing F1 and UFC rights deals.
Levy suggests that sports content has a built-in fan base and is less risky than scripted programming. PwC estimates that by 2025, over 90 million U.S. viewers will stream sports events monthly.
Analyst Jeff Wlodarczak believes Netflix's dominance in streaming is evident in its 2024 results and 2025 guidance.
Despite the rise of streaming, Levy anticipates the continued importance of big screens. NBC's Peacock has joined the trend of simulcasting live events.
Media companies are expected to invest in cross-platform opportunities through simulcasting.
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