It’s official: Netflix has acquired the streaming rights to WWE’s weekly show, WWE Raw. The parent company of WWE, TKO Group, released the news earlier on Tuesday.
Netflix has reportedly paid 5 billion dollars in exchange for 10 years of rights to stream the event.
Just hours after the announcement that the WWE would be ditching late-night cable for the massive streaming service, Netflix announced it had gained 13.1 million subscribers, at least some presumably attributed to WWE fans.
The move comes after a wave of interest from streaming platforms in all sorts of sports content. Platforms like Netflix recently added multiple sports documentaries, such as Beckham, a documentary about the highs and lows of British soccer star David Beckham’s career and his relationship with his wife, Victoria Beckham. They’ve also added new seasons of “Formula 1: Drive to Survive”.
Hulu has recently added a new season of “Welcome to Wrexham”, a series about the revitalization of an old Welsh soccer club, along with “The League”, a docuseries about black Americans and how they revolutionized baseball.
“W.W.E. is sports entertainment, which is right in the sweet spot of our sports business, the drama of sport,” said Ted Sarandos, the co-chief executive at Netflix. Sarandos explained how shows that are following athletes behind the scenes, almost like a reality show, are the platform’s best contribution to the world of sports entertainment, and that it was time to take a step closer to live sports.
Many speculate that the upward trend in sports content on Netflix, as well as other platforms, will lead to a domination of sports by multimedia companies and streaming platforms.
Previously, Netflix has never owned rights to a regularly aired sporting event. “The Netflix Cup” is the closest the streaming giant has gotten to streaming a live sporting event. The event, in which pro golfers were paired with Formula 1 drivers and competed in a game of golf, aired in early November of 2023.
The deal between TKO Group and Netflix will also include the airing of WWE events held outside of the United States and is set to start streaming in 2025.
As Netflix makes the historic move, it begs the question: Will other streaming services make the move to take over live sports?
One major advantage that streaming services bring to the table is the ability to offer personalized and on-demand content. Viewers can access sports events whenever and wherever they want, providing a level of flexibility that traditional broadcasts struggle to match.
Traditionally, cable and satellite providers have been the go-to sources for sports fans. However, with the increasing popularity of streaming platforms, there’s been a massive switch. This shift aligns with the growing trend of cord-cutting, where consumers prefer streaming services over traditional cable subscriptions, making the transition to live sports streaming a logical next step.
The bidding wars for exclusive rights to sports leagues and events have already begun after Netflix acquired streaming rights to WWE Raw.
The prospect of streaming services taking over live sports raises questions about the future of traditional broadcasters and cable networks. As the digital landscape continues to expand, the shift towards streaming could potentially disrupt the longstanding dominance of cable providers in the sports broadcasting arena. This disruption could lead to a more competitive market and potentially lowering costs for consumers.
Additionally, there are concerns about the impact on local networks and regional sports channels that have long been the backbone of community-focused sports coverage.
The digital revolution has paved the way for these platforms to redefine how we consume content, and live sports are no exception. While this switch will be an adjustment to everyone, the convenience of digital streaming hints to an exciting future of live sports.
