“Live Is the New Drop”
- Romy Kraus
- 1 day ago
- 4 min read
Co-CEO Greg Peters on Why Netflix Is Betting on Boxing Matches and Cooking Shows to Drive Real-Time FOMO
When Reed Hastings stepped down from the CEO chair at Netflix, he didn’t hand the reins to a celebrity exec or a headline-grabber — he handed them to Greg Peters, the behind-the-scenes architect of the company’s global machine. A Yale-trained physicist turned product strategist, Peters spent more than a decade scaling Netflix from U.S.-based disruptor to global default — first by getting the app on every screen, then by building the ad tier, and now by helping reimagine engagement through live events, gaming, and AI.
Peters isn’t the loudest voice in the room — and that’s the point. Internally, he’s known as hyper-rational, a disciplined operator who builds infrastructure, interrogates assumptions, and plays long games. In this conversation, he shrugs off the idea that Netflix has “won” anything — and warns that thinking that way is a shortcut to irrelevance. Instead, he lays out the reality: engagement is flat, competition is wild, and every product decision matters. Whether it’s a real-time UI overhaul, social gaming, or AI-powered production tools, Peters wants one thing: momentum.
He leans forward. There’s a spark behind the calm: Netflix didn’t “win” anything, not if you’re smart. In this conversation, the Netflix co‑leader pushes back against complacency, reveals how the platform is evolving (new UI, live events, gaming, AI), and shares the mindset behind chasing engagement—not just scale. Over the next pages, we’ll see where Netflix sees vulnerability, what it thinks its opportunities are, and how it’s trying not to take victory too early.
The Lowdown
Netflix rejects the “we’ve won everything” narrative; its executives want constant tension, not triumph.
Flat engagement is a red flag; the UI overhaul is an attempt to inject reactivity and freshness.
Live events are still niche in terms of hours/investment but carry outsize social value and acquisition potential.
Gaming is graded a “B‑minus” internally — foundational plumbing is underway, but big ambitions remain.
AI is treated as a built‑in tool: helping creators, optimizing operations, but used cautiously with respect to IP.
Netflix doesn’t see itself entering all sports rights markets (e.g. NFL), but sees select live events as complementary.
“We need to do everything better”
Feeling like you’ve arrived is the worst place to stand, the company believes. The notion that Netflix has already “won” is dangerous; it breeds complacency and arrogance. Netflix sees its biggest problem not in scale but in engagement: time spent per user has been flat, even as streaming’s share of “TV time” has grown. The worry: free, ad‑supported alternatives are soaking up growth.They’re not ignoring it. They want to grow engagement again — and the new UI, algorithm changes, and expanded content formats (live, gaming) are bets aimed precisely at that.
“If you don’t maintain the sense that you are constantly vulnerable, I think you will lose.”“We’re not happy … that we’re not growing engagement. We should grow more engagement.”
“Now the way … as you’re navigating the UI, we think about … what signals you’re giving”
Under the hood, Netflix is rearchitecting its tech stack. Instead of baking recommendations overnight, the system now reacts in real time to user input (skips, scrolls, dwell time).The new UI is designed to support more than just films and series: live events, games, and real‑time modules all need flexible presentation.This shift is deliberate: trying to turn passive viewers into active participants. But it’s early days; many of the promised benefits are yet to mature.
“We used to do that overnight … now we do it dynamically on the fly … as you're navigating the UI.”
“Serving new content needs as we expand beyond just film and series … we span to live events … the UI has to do a different job.”
“Live is … we are all experiencing the same thing at the same time … that has tremendous social and conversational relevance”
Live events (sports, concerts, special programming) are a strategic complement, not the core.They consume a small slice of hours and investment, but they can punctuate growth: surges in signups, spikes in attention, social buzz. Netflix is still testing much of this — asking how live helps retention, acquisition, branding. It’s cautious about big sports packages (e.g. NFL) unless they can be justified financially.
“Live … is an important additional form of entertainment … it does a different job.”
“We expect … these [events] work as a reason to sign up and a reason to stay.”
“I would give us a B minus”
Gaming is seen as a growth frontier, but Netflix knows it has a lot of foundation to build first.So far, games have largely lived on mobile. But the ambition: bring more interactive, social game experiences to TV, using phones as controllers. Think Pictionary, party games, etc.They’re also experimenting with interactivity in live programming (e.g. voting in a live cooking show).Netflix views its gaming work not as “just games” but as one axis of its broader push into interactivity.
“We are now moving beyond the phone … social party games that you can play on your TV with your phone as the controller.”
“We’ve been in the AI business … we see a lot happening in previs and shot planning … post side things”
Rather than treating AI as a fad or threat, Netflix treats it as infrastructure.They provide creators with vetted toolkits (previsualization, shot planning, scheduling, budgeting) but leave creative control in their hands.But they are clear about IP, insisting creators’ rights are respected, and they believe tools should augment—not supplant—human storytelling.They expect AI to play a greater role in pre‑, production, post‑, and algorithmic support across advertising, operations, and more.
“We’ve been in the AI business … large sets of data, scaled consumer products … we have an advantage.”
“We see a lot happening in previs and shot planning … scheduling … budgeting … post side things.”
Quickfire
Q: Will Netflix bid on NFL football rights when the current deal ends in 2029?
A: It’s not a priority under current strategy. Some sports can plug into the events strategy, but the massive rights costs and domain complexity make large‑scale sports deals less attractive.
Q: Will Netflix syndicate its content to third parties?
A: Unlikely. The belief is that vertical ownership of distribution drives more value than licensing to others.
Q: Would “Irish Wish” have made more from theatrical release?
A: Probably not. Its current performance supports sticking to their streaming‑first strategy.
