Streaming giant Netflix (NFLX) held talks with digital music platform Spotify (SPOT) to collaborate on several projects as part of its efforts to enhance its live TV content, the Wall Street Journal reported. The company aims to win more subscribers while bolstering engagement with existing users by offering an extensive range of content, including scripted shows, movies, reality TV, comedy, and live programming.
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Netflix Seeks Partnership with Spotify for Live Content
Netflix reportedly held discussions with Spotify about multiple projects, including a music awards show, a live concert series, big celebrity interviews, and shorter-turnaround documentaries focusing on key breaking news.
According to sources, Netflix is rebooting the popular talent contest Star Search. It is also focused on music, with a new show, called Building the Band, scheduled to be launched next week. Furthermore, Netflix is working on another music competition that is expected to be released in the months ahead. Interestingly, Jeff Gaspin, who is credited with the well-known show The Voice at NBCUniversal, is leading Netflix’s efforts to explore the next great music competition show and expand the streaming giant’s unscripted content.
Netflix has been aggressively pursuing opportunities in the live programming space as part of its strategy to attract new subscribers, diversify content, and boost ad revenue. Earlier, the company experienced solid traction with high-profile live sports events, including two National Football League games on Christmas Day and the Jake Paul-Mike Tyson boxing match that earned it an impressive 19 million subscribers in the fourth quarter of 2024.
What Is the Price Forecast for Netflix Stock?
Most analysts are bullish on Netflix stock, impressed by the company’s solid execution and strong financials despite intense competition in the streaming space. With 28 Buys and nine Holds, Wall Street has a Strong Buy consensus rating on Netflix stock. The average NFLX stock price target of $1,258.59 indicates a possible downside of 2.7% from current levels. Netflix stock has rallied over 45% year-to-date.
