Since going public in 2002, Netflix Inc (NASDAQ:NFLX) remained one of the top growth stocks. The company’s rally from 2022 to mid-2025 was especially impressive. But without two of its top series of all time and a new strategy that could revolve around acquisitions, the streaming giant’s investors appear ready to bail.
Netflix’s New Strategy
In recent years, Netflix has placed greater emphasis on live sports content. The theory is that live viewership can help boost advertising for Netflix’s ad-free and ad-supported plans when it comes during sporting events with sports fans used to ads.
The company currently has rights to WWE, MLB and NFL content and it may add more sports content. Instead of bidding on large and costly full-season rights, Netflix has been selective. For the NFL, this includes airing a total of five games for the 2026 season and being the home of the NFL Honors award show the week of the Super Bowl in February 2027. This is up from two Christmas Day games during the 2025 season.
Netflix will stream the following games live:
- Week 1 matchup: Los Angeles Rams versus San Francisco 49ers, Sept. 10 in Australia; the first-ever regular-season NFL game in the country
- Thanksgiving Eve: Green Bay Packers versus Los Angeles Rams, Wed. Nov. 25; the first-ever Thanksgiving Eve game for the NFL
- Christmas Day: Netflix will stream two unannounced games on Christmas at 1 p.m. ET and 4:30 p.m. ET
- Week 18: Netflix will stream an unannounced week 18 1 p.m. game for the last week of the regular season
Netflix now has a four-year partnership through the 2029-2030 season with the NFL that will help provide content multiple months of the year. Last year, the platform set a record, averaging 27.5 million U.S. viewers on Christmas for the Detroit Lions vs. Minnesota Vikings game.
Netflix also has rights to the Home Run Derby, a key event of the MLB All-Star Game break, along with several other one-off MLB events.
Netflix Boxing: Knockout Or Bust?
Outside of NFL and MLB, Netflix also has the upcoming Floyd Mayweather and Manny Pacquiao rematch on Sept. 19, but that fight remains in limbo. Boxing promoters CSI Entertainment have filed a lawsuit against Mayweather and is seeking to block Netflix from airing the bout.
The loss of that fight could sting Netflix, which has seen success with boxing and MMA events. A recent May MMA event with MVP Promotions drew an average of 12.4 million viewers and a peak of 17 million viewers, setting new MMA records.
Are Live Sports Enough?
Live sports is not the only content that Netflix has to offer subscribers, with the streamer also pumping out original series and movies every month alongside other acquired media.
The problem is that some of the company’s biggest series and movies are in the rearview mirror now.
The company’s two biggest hits, "Squid Game" and "Stranger Things," are now complete, having helped boost overall financials in recent years and delivered strong subscriber figures and low churn.
Without those hits, fans are left with "Bridgerton" and "One Piece," both of which don’t have new content until 2027.
The top 10 movies list includes one film from 2026 ranking ninth all-time, and two films from 2025. The other seven films are two years old or older.
Netflix announced it reached the 250 million monthly active user milestone for its ad-supported plan earlier this year. The company no longer breaks out subscriber figures, which could have investors and analysts zeroed in on other key metrics.
The company reports financial results on July 16, which comes after missing earnings per share estimates from analysts in two of the last three quarters.
Netflix betting more aggressively on podcast expansion and being linked to acquisitions of Warner Bros. Discovery, Lionsgate and Roku, the last two which the company has denied, could have investors and analysts concerned about future growth.
A company that was heavily against acquisitions for years now considering buying other media and streaming companies could suggest that its best years of growth are behind.
Netflix Stock Price Action
At last check, Netflix stock traded at around $72.83 on Tuesday after hitting a new 20-month low of $71.81 on Monday. The stock is down 19.9% year-to-date in 2026 and down 41.9% over the last 52 weeks.
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