Entertainment
Streaming’s $6.3 Billion Churn Problem: Why Live Sports Won’t Cut It
Historically, streaming platforms measured victory entirely by top-of-funnel growth. Wall Street demanded subscriber acquisition at all costs, and the platforms delivered, scaling into massive, mature global ecosystems. However, that scale has fundamentally changed the math of the business. When your subscriber base sits in the hundreds of millions, churn is no longer a localized problem. A tiny percentage point of churn now equals millions of cancelled accounts.
When a major streaming platform experiences an elevated churn rate, it isn’t just a temporary dip in viewership, it translates to a measurable loss in forward-looking revenue. To put a number to this, Parrot Analytics’ Streaming Economics model calculates that major global streamers lost $6.3 billion to churn in 2025.
Live sports have a role to help stem this multi-billion-dollar bleeding and streamers have been aggressively investing in this area. This is a logical gamble. Sports remain the last cultural monolith capable of guaranteeing a massive top-of-funnel acquisition spike.
However, treating live sports as a cure-all is a mistake. A live game is effectively a decaying asset. It commands the world’s attention for three hours, but its value drops to zero the moment the broadcast ends. If platforms want to turn these expensive weekend viewers into long-term subscribers, they can’t just buy the rights they have to build a 365-day ecosystem around them.
Enter Netflix’s sports blueprint. When the streamer acquired the rights to Christmas Day NFL games, the strategy didn’t stop there. It built a retention infrastructure of content to keep these fans. Knowing that football has an expiration date, Netflix utilized NFL shoulder content to successfully fill the off-season void. Shows like “Quarterback,” “Receiver,” and “America’s Sweethearts: Dallas Cowboys Cheerleaders” provide content on the platform that helps keep NFL fans engaged on-platform even after game day.

We calculate that these NFL shoulder shows now retain approximately 500,000 subscribers each quarter. By keeping the algorithm warm and fans engaged even when there is no live football to watch, these shows alone have generated over $100 million in global streaming revenue for Netflix. The streamer is reportedly looking to add more live games which will only increase the importance of the retention infrastructure it has built for these audiences.
But while shoulder content is a highly effective bridge across the off-season, the ultimate retention asset is a property that never has an off-season to begin with. If the NFL requires a retention infrastructure to keep fans engaged, professional wrestling offers a built-in, 52-week habit loop. This is the logic behind Netflix’s 10-year, $5 billion deal for “WWE Raw.”
Ted Sarandos noted when the deal was announced, WWE represents “52 weeks of live programming every year.” Because the story never ends, the property acts as a year-round retention anchor. This is quantifiable in the millions of subscribers the WWE franchise saves from churning. Our model calculates that content in the WWE franchise retains 1.25 million subscribers for Netflix globally every quarter.

By retaining a massive audience that might otherwise hit the cancel button, WWE acts as a foundational pillar for Netflix’s broader business model. Before a single dollar of ad-tier monetization or international subscriber growth is even counted, this 52-week habit loop establishes a massive baseline of value strictly through sheer scale and churn prevention.
The industry is finally waking up to the true unit economics of live sports. The era of simply buying a live broadcast right and hoping the audience sticks around is over. To stop billions of dollars from walking out the back door, Hollywood must realize the new rule of the streaming era: Live sports spectacles may win the weekend, but shoulder content and continuous 52-week habit loops win the year.
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movies
James Gray Says Men Are Not ‘Allowed to Engage With the Tender Side’
It felt like James Gray was nearly everywhere this weekend at the 79th edition of the Locarno Film Festival.
He introduced an outdoor screening of Paper Tiger, written and directed by him and starring Adam Driver, Scarlett Johansson and Miles Teller, and received the Career Leopard honor from the Swiss festival. And he discussed the role and power of cinema during a press conference. He even made time to meet for reporter roundtable interviews, one of which The Hollywood Reporter participated in.
Among other things, Gray quipped about how his wife and kids really provide no fodder for stories. “My wife is fantastic. My children are great,” he said. “I love them, and that’s not very good for drama. It’s like a sitcom or something [where someone says:] Who left the vacuum cleaner out? I tripped [over] it.”
But growing up, his family was, of course, a key influence, and that is why Paper Tiger is autographically inspired. “The formative thing in my life, so far, was my brother and I, my mother and father, a very close family unit — screwed up, very troubled, unable to express love a lot of the time,” Gray shared. “But there was love in the house, as screwed up as it was. And within a span of two months, I went off to college, my brother moved out, my father got into legal trouble, and my mother died of glioblastoma, brain cancer, like Scarlett [Johansson] has in the movie. And so that family unit, which was the love that I knew, came apart.”
Continued the filmmaker: “I found myself trying to reckon with this loss for a very long time, and sometimes it wasn’t conscious. My father never spoke to it, and my mother, of course, wasn’t there to speak to it. My brother and I now talk all the time, and a lot of the times we laugh about it, and a lot of the times we reflect on how sad it was.” And at this stage in his life, “I think you have enough distance to look back on something that has real drama to it,” he concluded.
Asked about the characters in Paper Tiger, Gray said: “One of the big struggles that men have had in the world, as we’ve currently constructed it, is that they’re really not allowed to engage with the tender side, the feminine side, love. That’s seen as running in contradiction to what the man was supposed to do, which is to earn a living, to make money, to quote unquote provide for the family.”
The writer-director added with more thoughts on a difficult topic. “So much of what our system is organized around is a principle of cruelty and viciousness,” Gray said. “If you focus on an idea, for example, as simple as a negotiation, in any business, negotiation rewards the person who cares less, which means a kind of cruelty, a viciousness, a coldness is built into the system. And women, being oppressed in that way in that realm, have been able nonetheless to engage with the more emotional maturity. So I think this is a strange and difficult scenario where you have men not able to express themselves in that way, but also women not allowed to participate in the marketplace.”
That was one of the themes that he wanted to explore in the movie. “You have in it three characters,” Gray explained. “One is a man who knows there’s a game out there to be played and how to make money, and is probably great at it, but won’t make the ethical compromise to succeed. Another knows it is a game, but probably doesn’t have the social skills to succeed in that framework. And the third is a person who may or may not have the social skills, but certainly has the awareness of the game. But fate deals her a terrible hand, and something comes from the gods that will disable her participation.”
Concluded Gray about Paper Tiger: “So I was trying for a panoramic idea of what it means to be functioning in the world. That’s what was going through my mind.”
Are there any big topics that he is thinking about now that could make their way into a future film?
“I’ve never thought that there’s a big topic I need to wrap my head,” Gray told reporters. “The way that I treat it is what is interesting to me in that moment. What am I going through? What’s inside of me emotionally that’s trying to get out? What relationship is really troubling me? And then that’s how the work starts to grow. It doesn’t come from a desire to say that big thing.”
Gray added his creative process: “You work from a position of craft. Let me express myself, and then you let the bigness of it, to the degree that it has any big idea, come out of it organically.”
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movies
Keke Palmer, Jeremy Irons & More Heading To TIFF Financing Market
Projects with Keke Palmer, Jeremy Irons, Alan Cumming and Deepa Mehta are among the selection of projects at TIFF’s first international financing and project market.
TIFF: The Market, which runs September 10-16, will launch 51 projects – 40 features, six series and five innovative or immersive works – that are all looking for production and financing partners. Highlights in the list include animated feature Central Park Tale with a voice cast including Palmer, Cumming, Common and Regina Hall; Sher, a collaboration between Fire, Earth, Water helmer Deepa Mehta and Jeremy Irons; and a drama starring Oscar-winner Marlee Matlin (CODA) and Jacob Tremblay (Room).
The full list of projects is here.
TIFF: The Market, which is presented by Ontario Creates, will unite more than 50 established producers with influential financiers, distributors, sales agents and execs who can help launch their projects worldwide.
Focus will be on content in advanced development, financing and packaging stages. Selected producers from Canada, Australia, Brazil, Germany, India, Ireland, Italy, New Zealand, Taiwan, the Philippines, the UK, U.S. and Zimbabwe will all take center stage in a series of sessions highlighting their presentation and networking skills before an engaged audience of peers, investors and industry leaders.
Additional participant perks include visibility across TIFF: The Market and industry platforms, access to TIFF’s digital meeting tools and the chance to compete for a range of industry awards.
“The projects, the award-winning talent and the enthusiasm amongst key decision makers all reflect the emphasis we’ve placed on closing the loop between the ideas and the investments that fuel our global industry,” said Charles Tremblay, Head of TIFF: The Market. “When projects find the right champions, opportunities become reality and exceptional stories continue to be developed, financed and produced and shared with audiences across the globe.”
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movies
Brad Pitt Says He’s Drinking Again After 7 Years of Sobriety
After seven years of sobriety, Brad Pitt says he’s drinking again — in moderation.
The F1 and Fight Club star told Esquire that he’s off the wagon.
The topic came up after Pitt offered the interviewer a glass of wine, prompting him to wonder whether the wine was only for guests.
“No, I got—I was sober for seven years. And then I got back off the wagon,” Pitt said with a “little laugh,” before holding a finger up to emphasize this next part: “In a more restrained manner. I got overconfident a couple times, went, ‘Yep, nope, not good for me.’ Not in big quantities.”
Asked what that meant in practice, the 62-year-old star explained, “ I can have a few [glasses of wine]. But I can’t have a lot. I have to be professional about it.”
In a 2017 GQ interview, Pitt talked about getting sober and said he couldn’t remember a day since leaving college when he wasn’t drinking, smoking pot, or using something. He also noted he loved wine and had taken it too far. In 2019, Pitt told The New York Times he spent a year and a half in an all-male recovery group in Alcoholics Anonymous. In 2020, Pitt publicly thanked Bradley Cooper at the National Board of Review gala for helping him get sober.
Given the timeline, and Pitt saying he’d been sober for seven years, it sounds like the actor has been off the wagon for at least a couple years.
Pitt was also asked about reprising the role of stuntman Cliff Booth in Netflix’s upcoming The Adventures of Cliff Booth movie at Netflix (which is directed by David Fincher and written by Once Upon a Time in Hollywood writer-director Quentin Tarantino).
The interviewer was shown the film’s first 24 minutes, and described the footage as “a movie lover’s dream … Fincher’s kill-shot direction of Tarantino’s ace script and Pitt carrying the whole thing with a smirk? Make another one.”
Pitt described the film as playing more like a series of episodic TV segments strung together than a sequel per se.
The Cliff Booth film is scheduled to be released Nov. 25 as an Imax exclusive for two weeks before debuting on Netflix on Dec. 23.
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