Netflix has signed a five-billion dollar deal to stream World Wrestling Entertainment’s flagship Raw program in the US for the next decade. This is the biggest move yet by the company into streaming live events.
The streaming service believes that showing three live shows a week, will help it capture the loyal fan base of a show which helped launch Dwayne ‘The Rock’ Johnson, John Cena, and “Stone Cold Steve Austin” careers.
The agreement, which begins in January 2025 will allow Netflix to use the technology required for broadcasting live sporting events.
WWE’s decision, which is a reflection of the economic pressures that traditional cable operators are facing as consumers increasingly switch to streaming, to remove Raw from USA Network where it was the most-watched programme, is also indicative of the shift in consumer habits to streaming.
Mark Shapiro said that the agreement “dramatically expanded WWE’s reach and brought weekly live appointment viewing on Netflix”, according to Mark Shapiro. He is president and chief operational officer of WWE owner TKO. Mark Shapiro, president and chief operating officer of WWE owner TKO, said that the deal was “transformative”. TKO is owned by Ari Emanuel’s Endeavor Group.
Netflix has also been granted the rights to stream all WWE programs outside of the US. This includes WWE SmackDown, WrestMania , and WrestleMania .
Netflix executives have played down their interest in live sports deals for years, even though rival streaming services like Apple and Amazon are now showing professional sports to attract new subscribers.
Ted Sarandos, co-chief executive of Netflix, said at an investment conference held in December that the company has found a niche for “sports adjacent dramatic content”, including its documentaries about Formula One, tennis, and a series recently produced on David Beckham, a former England footballer. He said that “where we can really distinguish and outcompete everyone is in the storytelling, the dramatization of sports”.
Netflix is working on improving its livestreaming capabilities, which will allow it to offer a wider range of programming. This could include live news, award ceremonies, stand-up comedians, and sports.
The company experimented with a special featuring the comedian Chris Rock last year and plans to stream an exhibition tennis match live between Rafael Nadal & Carlos Alcaraz this March.
Shapiro expressed confidence that any issues with livestreaming will be resolved by the time of the agreement’s implementation in January next year. “We have an entire year to get it right.”
Shapiro added that the companies will also develop WWE-based documentaries to broaden its appeal.
He told the that Netflix’s documentaries on sports have gained a lot of popularity. You can expect us to produce a documentary about the WWE characters and stars over the life of the deal.