Netflix’s Big Game Is Just Getting Started

Its foray into live sports caps a strong year

- Dan Gallagher

In show business, you're only as good as your latest hit. And there's never a guarantee that the next hit will be nearly as big.

For Netflix, this year has been a huge hit indeed. The companyalready Hollywood's largest streaming video provider by a long shot-is on pace to grow its annual revenue at more than double the rate of 2023 and grow its subscriber base more than it has in any year save for the Covid-induced surge seen in 2020. That has come from an unusual mix of hit shows, live events and a crackdown on viewers who were borrowing others' passwords.

Its live broadcast of two NFL games on Christmas Day scored a big win, with the games averaging more than 24 million U.S. viewers each and peaking at 27 million for Beyoncé's halftime show during the Ravens-Texans matchup.

Those numbers broke previous streaming records for NFL games, and Netflix pulled off the event without the major technical glitches that marred last month's live boxing match between Mike Tyson and Jake Paul.