Written by: Dylan Smith
Netflix is reportedly considering adding livestream programming – possibly including concerts and music festivals – to its library.
The film and television giant’s rumored plans to begin supporting live media came to light in a recent report from Deadline. At the time of this piece’s writing, however, Netflix higher-ups hadn’t commented publicly on the possibility.
But the move would arrive after the service parted with some 200,000 subscribers during Q1 2022, and Netflix shares have lost almost 70 percent of their value since the year’s start.
Moreover, the company just recently hosted the Netflix Is A Joke comedy festival, featuring all manner of stand-up stars, and has partnered with Doritos to promote Stranger Things with “a musical experience unlike any other in this dimension.” The Go-Go’s, Soft Cell, Corey Hart, and “decade-defying pop star Charli XCX” are set to perform live at this June 23rd musical experience.
Back to Netflix’s possible arrival in the livestream space, the aforementioned Deadline report is light on concrete details, specifying only that “there’s no timeline and sources caution that it’s early days for the live roll out.” Nevertheless, “a small group within Netflix is in the preliminary stages of developing the product.”
Beyond airing live stand-up sets and once-off promotional concerts, Netflix’s rumored support for livestreams could expand the reach of annual festivals and gigs at major venues.
To be sure, Hulu just recently became the exclusive livestream partner for Live Nation’s Lollapalooza, Bonnaroo, and Austin City Limits. Also worth noting on this front is that the Beverly Hills-based concert promoter kicked off 2021 by acquiring Veeps, a ticketed livestream platform created by Good Charlotte cofounders Joel and Benji Madden.
April of the same year then saw Veeps install livestream equipment at over 60 Live Nation venues as part of a broader plan to enable the “turnkey livestreaming” of traditional shows.
Moving past livestream concerts and festivals and into other components of the music industry, competitions similar to American Idol and Eurovision could ultimately air live on Netflix if the platform does in fact start offering real-time media.
Artist and executive interviews, award shows, and related (pre-recorded) programming may also be in the cards; the above-highlighted Hulu-exclusive festivals are poised to receive additional promotion in the form of behind-the-scenes footage.
During today’s trading hours, Netflix stock dipped slightly to $186.51 per share. The figure marks a six percent boost across the last five business days but an almost 62 percent falloff from mid-May of 2021.
Source: Digital Music News
