Netflix's big bet on live events is paying off, with new data from analytics firm Antenna indicating that the streaming giant added over 2 million new subscribers in 2023. The significant surge in signups was largely driven by two major live events: the Mike Tyson vs. Jake Paul boxing match and the NFL Christmas Day games.

According to Antenna, Netflix added 1.43 million subscribers in the days surrounding the highly publicized boxing match, while 656,000 members signed up around its NFL Christmas Day games. Although these numbers may seem small compared to Netflix's over 300 million global subscribers, they are significant considering the streamer has consistently maintained around 50,000 to 70,000 signups per day since it began its password-sharing crackdown in 2023.

Netflix highlighted its record viewership for live events in a letter to investors on Tuesday, noting that it will focus on airing "can't-miss, special event programming" rather than regular season sports programming. The company believes that the eventized nature of live events will result in outsized value to both its members and its business.

The success of Netflix's live events strategy is a welcome boost for the streaming giant, which has faced increasing competition from rival services such as Paramount Plus and Peacock. In fact, Paramount Plus drew in the most subscribers around last year's Super Bowl LVII, with Antenna's data showing a 3.2 million spike in signups surrounding the big game. Peacock also saw notable growth when it aired its NFL AFC Wild Card Game and in the first days of the Paris Summer Olympics.

Netflix's focus on live events is part of its broader strategy to "invest in programming and deliver more value" to its subscribers. The company has also raised prices across all of its subscriptions to support this investment. With the streaming wars heating up, Netflix's successful foray into live events could be a key differentiator for the service in the competitive market.

As the streaming landscape continues to evolve, it will be interesting to see how Netflix's live events strategy plays out in the long term. Will the company's focus on "can't-miss" events be enough to keep subscribers engaged and attract new ones? Only time will tell, but for now, it's clear that Netflix's big bet on live events is paying off.