For nearly two decades, Netflix has transformed the television industry. However, its latest programming move—live broadcasts like the highly anticipated boxing match between Mike Tyson and Jake Paul—has been a staple of traditional TV since the 1950s.
Now, Netflix is adding another familiar format: a weekly talk show. At a star-studded presentation in Hollywood last week, the company announced that comedian John Mulaney will launch a live weekly variety show called Everybody’s Live with John Mulaney, debuting in March.
“If we can be even a tenth as popular as any show from South Korea, then we’ll be the biggest talk show ever,” Mulaney joked, referencing the massive global audience for Squid Game.
A decade-long deal with WWE exemplifies the kind of live programming Netflix is seeking, explained Bela Bajaria, the company’s head of content. “We love doing things that are loud, surprising, and spark conversations,” she told Financial Times. “Live broadcasting is a fantastic tool to diversify our content.”
Wrestling is particularly appealing because it boasts a loyal, multi-generational fan base and delivers new weekly content year-round. These characteristics, analysts say, make it attractive to advertisers as well.
“Netflix wants you coming back constantly, and the beauty of WWE is that there’s something new every Monday,” said Rich Greenfield, an analyst at LightShed Partners. “Advertisers also love it because it’s live and provides global appeal.”
Netflix’s move toward live events coincides with a strong financial period. Its stock surged by 83% in 2024 and has climbed another 10% this year, reaching $981 per share. Some Wall Street analysts believe there’s even more room for growth.
“I’m fully confident they’ll maintain this momentum,” said Laurent Yoon, an analyst at Bernstein, predicting subscriber growth will be driven primarily by international markets where penetration is still lower than in the U.S. “Netflix has recently proven itself as a credible destination for live events,” Yoon added, noting this could boost advertising revenue.
