How Netflix Is Playing the Sporting Rights Game to Win, by Playing It Differently

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Live sports are one of the last bastions of traditional television.But that, too, is slowly changing as streaming services continue to bid for broadcasting rights. Of the top 100 most-watched shows in 2025, 96 were sports events. As sports continue to dominate the screen, the price tags for those rights keep soaring.Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »Netflix continues to push into live sports but isn't following the same playbook as the legacy networks. Here's why Netflix's strategy is likely to pay off.Image source: Netflix.Since networks depend so heavily on sports for viewership, they often bid for as much of it as possible. The National Football League is a prime example. Networks each spend around $2.1 billion to $2.7 billion annually for rights to broadcast weekly games throughout the season.However, Netflix struck a much smaller deal with the league in 2024, reportedly paying an estimated $75 million per game for exclusive rights to broadcast games on Christmas Day. That's not cheap, but it's a much lower all-in spend. Netflix has taken a similar approach with other sports content, including exclusive rights to:Major League Baseball: Opening Day, Home Run Derby, and Field of Dreams game for the 2026 season.FIFA Women's World Cup in 2027 and 2031.Netflix, which has traditionally made money from subscriptions rather than advertising, doesn't need every game to benefit from the gravity of live sports. That said, Netflix's ad-supported memberships have become a growth engine, and the beauty of its strategy is that it can scale its spending as it sees fit. For instance, it committed $5 billion over 10 years to broadcast World Wrestling Entertainment's RAW programming on Monday nights.As Netflix continues to grow its subscriber base, expand into sports, and pull new monetization levers, it is becoming a stronger company. Netflix's return on invested capital has soared over the past several years, to over 25%.NFLX Return on Invested Capital data by YChartsMeanwhile, Wall Street analysts still see robust earnings growth ahead, calling for long-term annualized growth of 22%. That makes Netflix stock a table-pounding buy at its current valuation, trading at 31 times its 2026 earnings estimates.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersBTC-USD Bitcoin USD 67,439.38 +81.65 (+0.12%)ETH-USD Ethereum USD 2,066.01 -2.32 (-0.11%)XRP-USD XRP USD 1.30 -0.01 (-0.97%)SPCE Virgin Galactic Holdings, Inc. 2.4600 +0.0600 (+2.50%)BTC-CAD Bitcoin CAD 93,971.70 +113.77 (+0.12%)PortfolioSign in to access your portfolioSign inTop gainersAAOI Applied Optoelectronics, Inc. 103.91 +17.56 (+20.34%)SBAC SBA Communications Corporation 204.04 +32.48 (+18.93%)YSS York Space Systems, Inc. 28.03 +4.43 (+18.77%)VSAT Viasat, Inc. 53.69 +8.46 (+18.70%)LUNR Intuitive Machines, Inc. 23.99 +3.75 (+18.53%)Top losersKNF Knife River Corporation 73.91 -8.20 (-9.99%)WIX Wix.com Ltd. 81.95 -8.55 (-9.45%)PBH Prestige Consumer Healthcare Inc. 52.48 -5.20 (-9.02%)ENPH Enphase Energy, Inc. 34.92 -3.36 (-8.78%)RGC Regencell Bioscience Holdings Limited 30.80 -2.92 (-8.66%)Most activeNVDA NVIDIA Corporation 177.39 +1.64 (+0.93%)INTC Intel Corporation 50.38 +2.35 (+4.89%)NOK Nokia Oyj 8.82 +0.55 (+6.65%)PLUG Plug Power Inc. 2.4100 +0.1600 (+7.11%)TSLA Tesla, Inc. 360.59 -20.67 (-5.42%)Top economic eventsEarnings eventsMy earnings eventsEarnings events