With Its WWE Deal, the Netflix Pivot Is Complete

A few years ago, Netflix fine-tuned its formula for success: original content, no live TV, no ads, and an unrivaled library of movies and series that it can air across the globe. As recently as last year, it mostly stuck to that plan. But as the streaming wars have evolved, the company has increasingly welcomed other peoples’ movies and shows onto its platform. And after dabbling in livestreaming with a Chris Rock special, a new deal with WWE to stream Monday Night Raw for the next 10 years shows just how thoroughly Netflix has rewritten its own rulebook.

Today, Netflix announced it will be the new home of Raw beginning in 2025. The deal will reportedly cost Netflix $5 billion over its lifetime. Coupled with a recent increase in the number of shows its licensing from sometimes-competitors, and its recent introduction of ad-supported tiers, the move demonstrates that Netflix’s new…