Just when it felt like NetflixNFLX

content was getting stale, the streamer pulled a surprise move by pushing into live content. Netflix just wrapped up seven straight days of live shows, including a comedy special from Katt Williams, a Tom Brady roast, and a weeklong talk show hosted by John Mulaney. And this summer? Brace yourselves for a sure-to-be-chaotic live Mike Tyson-Logan Paul boxing match, expected to be the most wagered-on event of the year. This comes hot on the heels of Netflix’s announcement of a 10-year/$5B deal to stream WWE Raw, marking its biggest foray into sports yet.

• While linear TV networks bid against each other for costly NBA rights, Raw offers Netflix a weekly engagement booster all year at a relatively reasonable price.
• Netflix is done reporting subscriber numbers — so moving into live content shifts the focus to engagement, which could fuel the growth of its blossoming ad business.

In-person intrigue: These live events have an added bonus — they expand Netflix’s physical presence. The company’s star-studded comedy festival is drawing crowds in LA — possibly paving the way for Netflix’s venture into immersive retail spaces next year. Live events generated $67.8B last year — so it’s no wonder Netflix wants a piece of the action.