Netflix on January 23 said it has acquired exclusive rights to World Wrestling Entertainment (WWE)'s flagship weekly programme 'Raw' and other programming as part of a long-term deal, marking the streaming service's first big foray into live sports.
Netflix is paying over $5 billion for an initial term of 10 years, with the company having an option to extend for another 10 years or opt out of the deal after five years, as per a regulatory filing.
Starting January 2025, Netflix will be the exclusive new home for 'Raw' in the United States, Canada, the United Kingdom and Latin America among other countries, with plans to expand to more countries and regions over time.
The streaming platform will also become the exclusive home for all WWE shows and specials outside the United States including its other weekly shows SmackDown and NXT, as well as its premium monthly live events such as WrestleMania, SummerSlam and Royal Rumble.
WWE's documentaries, original series and forthcoming projects will also be available on Netflix in international markets starting in 2025, the company said.
Read: Netflix India's net profit jumps 75% in FY23; revenue up 24% on subscriber growth
Bolstering live programming
The move is expected to significantly bolster Netflix's live programming, after the service experimented with streaming several live events over the past year.
This includes comedy specials such as the Chris Rock stand-up special in March 2023, the disastrous Love Is Blind reunion special in July 2023, a golf tournament featuring professional golfers and Formula 1 drivers called the Netflix Cup in November 2023.
Netflix also plans to livestream the 30th edition of the annual Screen Actors Guild (SAG) Awards in February 2023 and an exhibition tennis match between tennis legend Rafael Nadal and his Spanish compatriot Carlos Alcaraz in a live event called "The Netflix Slam" in March 2023.
These events could help Netfix boost signups for its ad-supported plan that debuted in November 2022 and is currently available in about 12 markets including the United States.
Earlier this month, Netflix said that its ad-supported tier had reached 23 million global monthly active users, up from 15 million in October 2023. The company is set to report its Q4 2023 earnings later today.
"By combining our reach, recommendations, and fandom with WWE, we’ll be able to deliver more joy and value for their audiences and our members. Raw is the best of sports entertainment, blending great characters and storytelling with live action 52 weeks a year" said Bela Bajaria, chief content officer at Netflix.
The deal with Netflix also marks a major programming shift for WWE as it will be the first time that Raw will not be airing on linear television since its inception about 31 years ago.
“This deal is transformative. It marries the can’t-miss WWE product with Netflix’s extraordinary global reach and locks in significant and predictable economics for many years" said Mark Shapiro, president and COO of TKO, the parent firm of WWE.
"Our partnership fundamentally alters and strengthens the media landscape, dramatically expands the reach of WWE, and brings weekly live appointment viewing to Netflix" he said.
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