Netflix’s NFL Christmas Day doubleheader attracted almost 65 million global viewers. (Joe Sargent/Getty Images)
In May 2024, Netflix announced its inaugural media rights agreement with the NFL, a three-year contract through 2026. Under this agreement, Netflix broadcast the NFL’s Christmas Day games, including the Kansas City Chiefs’ 29-10 victory over the Pittsburgh Steelers and the Baltimore Ravens’ 31-2 triumph against the Houston Texans.
Netflix is also set to air holiday games in 2025 and 2026. It was reported that the streaming platform paid $150 million to broadcast the two games, a substantial investment.
The viewership for both games was exceptionally positive, with the Ravens-Texans game enjoying slightly higher popularity. Each game attracted over 30 million global viewers, with fans from 218 countries tuning in to the week 17 NFL action.
This impressive turnout underscores Netflix’s ability to draw a substantial audience for NFL games, even on Christmas Day. To provide context, last year’s NFL Christmas Day games, aired on CBS, Fox, and ABC, averaged 28 million viewers, further highlighting Netflix’s successful debut in broadcasting NFL matches.
GlobalData reports that historically, Netflix has participated in four media agreements with sports properties to air live events. These include a 10-year, $500 million annual agreement to air WWE Raw, a five-year partnership to stream the 2027 and 2031 FIFA Women’s World Cups, and the acquisition of global streaming rights to the 2024 boxing exhibition fight between Mike Tyson and Jake Paul, which took place in November.
Paul’s victory drew 65 million concurrent streams, marking a record-breaking event for Netflix. The NFL media agreement is the final live sports media agreement the American subscription service has signed.
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Netflix has embarked on the next phase of its growth strategy by entering the live sports market. In the coming years, the company is expected to compete for some of the most coveted sports rights.
Securing rights to sports with significant fan bases could further increase Netflix’s subscriber count, as fans flock to the platform to watch their favorite teams and events. Live sports events can generate additional revenue streams for Netflix, as large TV audiences attract substantial investment from brands seeking advertising deals.
Looking ahead, the platform must ensure that its live streams offer the highest technical standards, especially after some viewers encountered quality issues and connection losses during the Tyson-Paul fight. However, the platform’s improved coverage of the two NFL games in December should alleviate concerns about a recurrence of these problems.
Amazon also secured a media agreement with the NFL for the 2024-25 season. Competing with Netflix, Amazon is engaged in an 11-year deal valued at $11 billion. Amazon secured the exclusive broadcasting rights to Thursday Night Football and this season aired its first NFL playoff game, with the Ravens defeating the Steelers in the Wild Card game.
Since the Covid-19 pandemic, streaming platforms have pushed subscriber counts upwards as consumers shift away from traditional media. In 2023, CNBC reported that broadcast and cable TV accounted for less than 50% of television usage. This trend underscores the NFL’s interest in expanding its streaming presence.
With the Subscription Video on Demand (SVoD) market’s projected revenue expected to reach $119.10 billion in 2025 and further growth anticipated throughout the decade, the NFL faces making a significant decision on whether to transition more games away from traditional TV media when its agreements with CBS, ESPN/ABC, FOX, and NBC expire in 2033.
By then, NFL fans may prefer streaming platforms, potentially favoring a substantial multi-year agreement with a streaming market leader like Netflix or Amazon, which could become closely associated with the NFL.
With Amazon already established in the live sports market, Netflix is poised to disrupt the industry. The company’s partnerships with major sports properties, including the NFL and FIFA, demonstrate its belief in its infrastructure to broadcast significant events to its growing global audience.
Brandon Riegg, Netflix’s vice president for nonfiction series and sports, stated after the NFL Christmas games that the company will remain “open-minded and opportunistic” in expanding its live sports offerings.
This approach suggests that Netflix may seek to broaden its agreement with the NFL if opportunities arise. Looking ahead in 2025, the streaming heavyweight is likely to compete for the rights to showcase major sporting events, which will not only boost viewership but create substantial commercial opportunities for brands.
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