Netflix ‘Wants the Super Bowl But Not an NFL Package’

Netflix (NFLX) is looking to add more live events that could drive subscriptions—but not too many—according to media executives who recently met with JPMorgan analysts.

The analysts said the executives agree Netflix “is interested in more big events or stunts,” such last year’s Jake Paul-Mike Tyson fight and Tom Brady roast. “In theory this could translate to demand for sports rights; however, there was less consensus on this point and what the ultimate strategy is; ‘Netflix wants the Super Bowl but not an NFL package’ was how one executive framed it.”

Netflix executives have made similar comments in recent quarters, saying their priority is “can’t-miss, special event programming.”

Analysts Say Execs Suggested F1 Racing as Potential Deal

Some executives said the streamer’s reported interest in bidding on the rights to air Formula 1 racing —once the deal held by Disney’s (DIS) ESPN ends after the current season—could also be a fit. Broadcasting the racing would make sense as Netflix played a role in the sport’s growing U.S. popularity with its “Drive to Survive” docuseries, the analysts said.

A number of streaming services have made growing moves into sports in recent years, hoping the reliable audience for live sporting events could help bring new subscribers to their platforms. Netflix broadcast its first NFL games on Christmas, which featured a halftime performance from Beyoncé.

Additionally, the analysts said “some industry experts noted that buyers, including Netflix, were exhibiting greater discipline on costs and budgets relative to a few years prior, with exceptions for the most premium and sought-after shows.”

Shares of the streaming giant recently were down 1.5% to $962.48. Although off their record close of $1,058.60 on Feb. 14, they are up nearly 60% over the last year.