(Photo by Phil Barker/Future Publishing via Getty Images)
Netflix is now joining other media giants in offering live programming. After the success of “The Roast of Tom Brady” in May, which got 22.6 million views, Netflix is ready to bring more live shows, movies, boxing matches, and sports to its viewers.
“We’re in live because our members love it; it drives a ton of engagement and it drives a ton of excitement,” said Ted Sarandos, Netflix’s co-CEO, during the company’s second-quarter earnings call on July 18.
Exciting Live Events Coming Soon
Netflix is planning to host two Christmas NFL games in 2024 and will stream at least one game in 2025 and 2026. They will also air a comedy show from Joe Rogan and start weekly WWE programming next year. Sarandos described these new live events as “buzzy, exclusive, live entertainment.”
Strong Financial Growth
Netflix’s strategy seems to be working well. They reported $9.5 billion in revenue from April to June, a 16.8% increase from last year. Their net income was $2.1 billion, up 44% year-over-year. The platform also gained 8 million new subscribers, reaching over 277 million in total.
Affordable Ad-Supported Tier
Netflix’s cheaper, ad-supported tier, launched in 2022, is also doing well. It saw a 34% increase in membership compared to the first quarter of this year. This tier now makes up more than 45% of new sign-ups in markets where it’s available.
Despite this success, Netflix doesn’t expect advertising to be a major revenue driver in the next couple of years but believes it will be successful in the long run.
A New Look for Netflix
Netflix is testing a new TV homepage, its biggest update in a decade. This new homepage will have more visible title information, immersive trailers, and a simplified navigation bar. Greg Peters, co-CEO, said this update is to help users easily switch between different types of content, like live events and games.
Netflix is changing fast, and these new live shows and updates are just the beginning. The future looks bright for the streaming giant as it continues to innovate and engage its viewers.
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