Netflix co-CEO yet to see a path to profitability in 'renting big sports' – Reuters.com

Dec 6 (Reuters) – Netflix Inc (NFLX.O) co-Chief Executive Ted Sarandos on Tuesday said he has yet to see a path to profitability in live sports on the streaming service.
Sarandos said the economics of professional sports were built around the economics of television – and buying rights is expensive.
"We've not seen a profit path to renting big sports today," Sarandos told the UBS Global TMT conference.
Rival streaming services Apple TV+ and Amazon Prime Video have added live professional sports competitions, acquiring rights to major league soccer and the NFL's Thursday night games, respectively. NBCUniversal simultaneously streams via Peacock the Sunday Night Football games it broadcasts on television.
Sarandos said Netflix has been able to add subscribers without the lure of big sporting events, such as the Super Bowl. He said he is "confident" the service can double in size without streaming live sports, although he did not rule it out entirely.
"We're not anti-sports, we're just pro-profit," Sarandos said. "We have yet to figure out how to do it."
Our Standards: The Thomson Reuters Trust Principles.
An Ontario judge granted bail on Thursday to one of the eight teenage girls charged with killing a 59-year-old man in downtown Toronto, Canada, this month, subject to conditions.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source