Netflix is betting $5 billion on live events by streaming WWE Raw
January 23, 2024 – 7:44 AM PST
Netflix has made a groundbreaking move into live events with a massive $5 billion rights deal. This deal will make Netflix the exclusive home of World Wrestling Entertainment’s Raw starting from January 2025.
The partnership, spanning 10 years, will bring Raw to the streaming platform in the U.S., Canada, Britain, Latin America, and other territories. Additionally, Netflix will have exclusive rights to telecast all WWE shows and specials outside the U.S., including SmackDown, as well as pay-per-view live events like WrestleMania and Royal Rumble.
Upon the announcement of the deal, shares of TKO Group Holdings, the parent company of WWE, surged 21% in early trading. Netflix’s shares remained flat.
Netflix has the option to extend the deal for another 10 years or opt out after the initial five years.
Last year, Netflix began experimenting with live events, featuring comedian Chris Rock’s stand-up special “Selective Outrage.” The streaming giant has also found success with sports-related programming, such as the Formula 1 racing documentary series “Drive to Survive” and the behind-the-scenes golf documentary series “Full Swing.”
In October, Netflix hosted its first live sports event, “The Netflix Cup,” showcasing athletes from “Drive to Survive” and ”Full Swing.”
In its third-quarter investor letter, Netflix hinted at further developments in the live events space, signaling a shift from CEO Ted Sarandos’s previous stance that Netflix was focused on the drama of sport but not live games.
“As we work to develop the best programming mix for our members, we’re also having great success with our sports shoulder programming, making Netflix the go-to place for anyone excited by the drama of sport,” the company stated in its third-quarter note. “It’s another area where we can deliver enormous value for our members as well as rights holders and talent.”
Mark Shapiro, president of TKO, praised Netflix for offering live sports programming that combines entertainment and excitement.
This deal marks Netflix’s first long-term investment in live events that cater to a dedicated, multi-generational fan base who tune in to WWE each week for thrilling matches. Unlike other professional sports, WWE’s competition is year-round and not seasonal.
Shapiro described the deal as “transformative,” expanding WWE’s reach and bringing appointment viewing to Netflix.
Raw, which airs on Mondays, is the top show on the Comcast-owned USA Network, attracting 17.5 million unique viewers throughout the year. With its ad-supported streaming service, known as AVOD, Netflix will benefit from Raw’s consistent audience.
“This will be a monster impact player for their AVOD platform,” said Shapiro.
The current rights agreement with Comcast for Raw, which pays about $265 million annually, will expire this year.
WWE merged with Endeavor Group’s UFC to form TKO Group Holdings in a $21 billion deal last year, creating one of the biggest names in wrestling and entertainment.
(This story has been refiled to correct the company name from ‘Endeavour’ to ‘Endeavor’ in paragraph 12)
Reporting by Aditya Soni, Harshita Mary Varghese and Akash Sriram in Bengaluru; Editing by Arun Koyyur and Marguerita Choy
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How does this deal mark a shift in Netflix’s approach to live events and sports programming
Netflix Makes Groundbreaking $5 Billion Rights Deal for WWE’s Raw
January 23, 2024 – 7:44 AM PST
Netflix has made a groundbreaking move into live events with a massive $5 billion rights deal. This deal will make Netflix the exclusive home of World Wrestling Entertainment’s Raw starting from January 2025.
The partnership, spanning 10 years, will bring Raw to the streaming platform in the U.S., Canada, Britain, Latin America, and other territories. Additionally, Netflix will have exclusive rights to telecast all WWE shows and specials outside the U.S., including SmackDown, as well as pay-per-view live events like WrestleMania and Royal Rumble.
Upon the announcement of the deal, shares of TKO Group Holdings, the parent company of WWE, surged 21% in early trading. Netflix’s shares remained flat.
Netflix has the option to extend the deal for another 10 years or opt out after the initial five years.
Last year, Netflix began experimenting with live events, featuring comedian Chris Rock’s stand-up special “Selective Outrage.” The streaming giant has also found success with sports-related programming, such as the Formula 1 racing documentary series “Drive to Survive” and the behind-the-scenes golf documentary series “Full Swing.”
In October, Netflix hosted its first live sports event, “The Netflix Cup,” showcasing athletes from “Drive to Survive” and “Full Swing.”
In its third-quarter investor letter, Netflix hinted at further developments in the live events space, signaling a shift from CEO Ted Sarandos’s previous stance that Netflix was focused on the drama of sport but not live games.
“As we work to develop the best programming mix for our members, we’re also having great success with our sports shoulder programming, making Netflix the go-to place for anyone excited by the drama of sport,” the company stated in its third-quarter note. “It’s another area where we can deliver enormous value for our members as well as rights holders and talent.”
Mark Shapiro, president of TKO, praised Netflix for offering live sports programming that combines entertainment and excitement.
This deal marks Netflix’s first long-term investment in live events that cater to a dedicated, multi-generational fan base who tune in to WWE each week for thrilling matches. Unlike other professional sports, WWE’s competition is year-round and not seasonal.
Shapiro described the deal as “transformative,” expanding WWE’s reach and bringing appointment viewing to Netflix.
Raw, which airs on Mondays, is the top show on the Comcast-owned USA Network, attracting 17.5 million unique viewers throughout the year. With its ad-supported streaming service, known as AVOD, Netflix will benefit from Raw’s consistent audience.
“This will be a monster impact player for their AVOD platform,” said Shapiro.
The current rights agreement with Comcast for Raw, which pays about $265 million annually, will expire this year.
WWE merged with Endeavor Group’s UFC to form TKO Group Holdings in a $21 billion deal last year, creating one of the biggest names in wrestling and entertainment.
(This story has been refiled to correct the company name from ‘Endeavour’ to ‘Endeavor’ in paragraph 12)
Reporting by Aditya Soni, H
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