Jakarta, Indonesia Sentinel — Netflix stock (NFLX.O) continued their upward trajectory following the platform’s exclusive live broadcast of the highly anticipated boxing match between Jake Paul and Mike Tyson. The fight, aired on November 15, 2024, at 8:00 p.m. local time, drew 108 million viewers worldwide, signaling a significant milestone for Netflix’s venture into live sports.
According to Reuters, Netflix stock has seen substantial gains since the announcement of the event. Netflix shares closing at $899.06 (Rp14.27 million) on Friday, November 22, a modest 0.2% increase from the previous day.
While this marks a slight decline from its intraday record high of $908 (Rp14.41 million) achieved on Thursday, November 21, the stock has still surged 9% over the course of the week, reflecting strong investor confidence.
The recent surge in Netflix’s stock has prompted several brokerage firms to raise their price targets for the company. Among them, analysts at BofA Global Research and Jefferies now predict that Netflix shares could climb to $1,000 this week, reflecting growing confidence in the streaming giant’s growth strategy.
Overall, Netflix’s stock has soared approximately 85% year-to-date, underscoring the company’s strong performance. The live broadcast of the highly anticipated Tyson-Paul boxing match has proven to be one of Netflix’s most successful initiatives, significantly boosting its market value.
“Netflix is flexing its streaming capabilities with selective live sports events that resonate with its global subscriber base,” said Kenneth Leon, senior equity analyst at CFRA Research.
Live Sports Debut
The live streaming of the Tyson-Paul fight represents a significant shift from its established on-demand content model. While the event generated record-breaking viewership and positive market sentiment, it also exposed technical vulnerabilities.
The hashtag #NetflixCrash trended on social media during the fight, as over 500,000 users reported outages during the live stream. Netflix acknowledged these issues and reassured viewers that it is working to resolve them before its next major live sports event: a Christmas Day NFL doubleheader.
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The NFL event will serve as a critical test of Netflix’s ability to deliver a seamless viewing experience under even greater demand. While The Tyson-Paul fight provided a strong proof of concept, the NFL games will be a litmus test for Netflix’s capacity to handle large-scale live broadcasts.
The success of the Tyson-Paul fight has sparked optimism about Netflix’s potential to carve out a niche in live sports. The move aligns with the platform’s broader strategy to diversify its offerings and attract new subscribers in an increasingly competitive streaming landscape.
As Netflix navigates this uncharted territory, the platform’s ability to overcome technical challenges and replicate its success with future events will determine whether live sports becomes a cornerstone of its growth strategy.
(Raidi/Agung)
