Zinger Key Points
- Netflix is considering bidding for the U.S. live broadcasting rights for Formula One starting in 2026.
- Netflix's venture into live sports is reinforced by streaming NFL games, with plans to broadcast the Women's World Cups in 2027 and 2031.
- Brand New Membership Level: Benzinga Trade Alerts
Subscription video-on-demand over-the-top streaming service provider Netflix Inc NFLX is considering bidding for the U.S. live broadcasting rights for Formula One, with the rights set to begin in 2026.
ESPN has held the rights since 2017 and will see its agreement end after the 2025 season. ESPN is a unit of The Walt Disney Company DIS.
The rising appeal of Formula One in the U.S., partly driven by the success of Netflix’s “Drive to Survive” series, has led to a resurgence of interest in airing the sport, The Athletic reports.
ESPN’s existing agreement, extended in 2022, grants them the F1 broadcasting rights until 2025. Now that ESPN’s exclusive period has ended, other broadcasters, including major streaming services, are competing for the rights.
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Netflix’s expansion into sports and live programming is gaining momentum, highlighted by the high demand for the recently aired Mike Tyson vs. Jake Paul boxing match.
The streaming service recently announced that it will exclusively broadcast the 2027 and 2031 Women’s World Cups for American audiences.
Last December, Netflix streamed two NFL games, marking the beginning of a multi-year agreement. Under this deal, the streaming platform will air at least one game each Christmas in 2024, 2025, and 2026, valued at $150 million annually.
The games attracted an average viewership of more than 26 million U.S. viewers. Nielsen reported that these games were the most-streamed in NFL history.
The success of these games has further strengthened Netflix’s reputation as a live-streaming platform and propelled interest in increasing sports content.
The pursuit is not without competition, though. Netflix’s rival Amazon.com Inc. AMZN, in partnership with Walt Disney Co. and Comcast Corp. CMCSA, secured an 11-year, $77 billion agreement to air NBA games last July.
Amazon dedicates around $3 billion each year to sports content, covering broadcasting rights for major leagues such as the NBA and NFL.
Historically, Formula One has collaborated with network broadcasters in the U.S., having previously worked with Fox and NBC before ESPN acquired the broadcasting rights.
Apparently, Netflix’s market value now surpasses the combined worth of the media firms owning the four major U.S. broadcast networks, including CBS, owned by Paramount Global PARA, NBC owned by Comcast Corporation, FOX owned by Fox Corporation FOX and ABC, owned by The Walt Disney Company.
In the fourth quarter, Netflix added 18.9 million new paid subscribers, setting a company milestone. By the end of the quarter, the company reached 301.6 million global paid subscribers, solidifying its lead in the streaming industry.
Price Action: NFLX shares are trading higher by 0.23% at $1,018.11 at the last check Friday.
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