Netflix hosting Anthony Joshua’s showdown against Jake Paul this Friday, at the same time it moves closer to a possible takeover of Warner Bros Discovery, signals something bigger than a one-night spectacle. It shows live sport is changing fast.
Netflix has experimented before. Last November it reported that 60m households watched Paul’s fight with Mike Tyson, and it already holds rights to broadcast WWE matches. Sport is no longer an occasional experiment for the platform, it is becoming part of its core strategy
We used to call streamers over-the-top (OTT), and fights like this are OTT in every sense. What looks like headline bait is really an experiment in audience migration. The central question is whether viewers will move fully towards digital platforms and away from traditional broadcasters as their default home for live sport.
Netflix taking over?
For decades elite sport has been defined by a simple model. Rights were auctioned, a single broadcaster paid a premium, and the hope was that ad sales and sponsorships would cover the cost. Everything depended on one season or one match. It created volatility that shaped programming, scheduling and price.
Streaming platforms are dismantling that structure. They are turning live sport into a subscription-driven, recurring revenue engine. For rights holders, advertisers and fans, this shift has long-term consequences.
The Joshua-Paul fight shows how this works. A live event is no longer the end of the journey, it is the starting point for sustained engagement. Viewers can move into higher tiers, unlock new content and generate further revenue through add-ons, merchandise and athlete-centred programming. For modern audiences, this surrounding content is part of the overall sports experience.
Netflix is engineered to maximise that value. To make expensive sports rights pay, it uses the same techniques that fuel its entertainment success. Personalised recommendations, targeted offers and precision advertising draw viewers into the wider ecosystem. This matters because early churn remains one of the sector’s biggest challenges. Research shows that 66 per cent of cancellations happen within the first year. Retaining viewers past the final bell is as important as attracting them on fight night.
Fighting for market share
This is why Netflix’s planned acquisition of Warner Bros Discovery matters. It is not just about library content, it is about owning the infrastructure that shapes long-term revenue. Payments, billing, bundling and tiering are the mechanics that keep a customer engaged month after month. Whoever controls these mechanics controls the sustainability of sports streaming.
Fan behaviour has moved in the same direction. Loyalty to broadcasters has declined. Viewers care about convenience and experience. Can they watch on a phone, will the stream hold, can they engage on social platforms? Streaming services are built to monetise these behaviours, while traditional broadcasters operate on systems designed for fixed schedules and limited ad positions.
Netflix already knows how to turn sport into stories. With shows like Full Swing in tennis and Drive to Survive in F1, it has created an always-on sports content engine where live events act as catalysts rather than isolated moments. Boxing is irregular, but the wider narrative universe keeps subscribers engaged across the year.
The long-term test is whether Netflix can turn one-off spectacles into durable value. Can it translate a single fight into ongoing engagement, higher retention and a deeper commercial model for sport.
On Friday night the result in the ring will matter, but the real question is whether Netflix has just shown where the future of live sport is heading. The fight is a test of audience behaviour and of Netflix’s ambition to become the home of global sport for years to come.