According to sources familiar with the situation, the Wall Street Journal reported on Tuesday that Netflix Inc. is considering making investments in live sports broadcasting and has recently made a bid for the streaming rights to sports leagues.
According to the report, the corporation recently made a bid for the ATP tennis tour streaming rights for various European nations, including France and the U.K., but then withdrew.
According to the WSJ, the corporation was in talks to buy the World Surf League and reportedly considered bidding for other events, such as the U.K. rights to the Women’s Tennis Association and cycling tournaments.
According to the story, Netflix executives have thought about purchasing lower-profile leagues to avoid the rising expenses of negotiating for sports rights, yet some of them think they could turn lesser-known sports into franchises given the platform’s size.
The decision was made at a time when Netflix has been finding it difficult to attract new members due to increased competition from rivals like Walt Disney Co, Apple, and Amazon. Netflix introduced an ad-supported tier this month in an effort to increase sales and subscriber growth.
Live sports are a potential source of market share for streaming services in an already crowded space. Formula One, which is owned by Disney and Liberty Media, extended their broadcast agreement last month, and Major League Soccer and Apple TV signed a deal to stream every match on the app for the next 10 years.
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