Netflix Gets 'Knockout Opportunity' on Live Streaming After Tyson-Paul Bout, BofA Says

MT Newswires Live01:43

Netflix's (NFLX) live broadcast of the Mike Tyson-Jake Paul boxing bout last week "was an emphatic proof point" of the world's biggest streamer's "ability to aggregate global reach at scale for events," BofA Securities said Thursday in a report.

"Despite the reported technical issues, we see this event as a positive for Netflix's ambition in live/sports and also as it relates to the company's ability to drive growth in advertising," BofA said. "Netflix will continue opportunistically to dive deeper into live programming, while also remaining cognizant of content costs."

The Tyson-Paul fight, "the most-streamed sporting event of all time," had 108 million global live viewers from opening to closing bell, the report said. Netflix will broadcast two National Football League games on Christmas and is set to start a 10-year contract with World Wrestling Entertainment's Raw next year.

Live programming and advertising are "intertwined growth opportunities" for Netflix, BofA said. Live broadcast drives additional ad inventory, and the company's ability to monetize live inventory can unlock potential for advertising to be a multiyear growth driver, the report said.

"Live can be a knockout opportunity for Netflix," the report said.

BofA boosted its price target on Netflix stocks to $1,000 from $800 and reiterated its buy rating.

Netflix shares rose 2.6% in recent trading Thursday.

Price: 906.96, Change: +23.11, Percent Change: +2.61

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