Netflix is weighing a broader push into live television and sports as the streaming giant looks to keep subscribers watching longer amid mounting competition, according to a Wall Street Journal report.

The company is reportedly discussing live streaming channels, additional sports programming and partnerships with other streaming services as executives work to reverse signs that viewer engagement has begun to soften.

According to the Journal, engagement — a key metric measuring how long subscribers watch content and whether they finish movies or television series — has become a growing focus inside the company after showing signs of decline earlier this year.

The issue comes as rivals including Disney, HBO Max, YouTube and free ad-supported platforms such as Tubi continue to battle for viewers.

Netflix's stock has dropped more than 40% over the past year, while Nielsen reported the company's share of U.S. television viewing fell to 7.8% in April, its lowest level since May 2025.

To help boost viewing time, executives have discussed creating always-on live channels built around specific genres or shows, the Journal reported. Netflix has also explored allowing customers to purchase subscriptions to services such as NBCUniversal's Peacock directly through the Netflix app, similar to platforms operated by Amazon and Apple.

The reported discussions highlight how Netflix continues to evolve beyond the simpler business model championed by co-founder Reed Hastings. The company has already expanded into advertising with its lower-priced ad-supported subscription plan.

Investor concerns intensified after reports last year that Netflix explored acquiring Warner Bros. Discovery before ultimately losing out.

“That got investors starting to think, ‘Are we missing something?’” Uday Cheruvu, a portfolio manager and analyst at Harding Loevner, told the Journal.

Cheruvu said investors are watching closely to see whether subscriber engagement in the U.S. has peaked and what that could mean for future revenue.

“The important thing for me is what is happening with churn,” he said, using the industry term for customer defections. “It may not be a concern yet, but it is something I am keeping my eye on.”

Netflix has insisted it doesn't need a major acquisition to remain competitive, saying Warner was “a ‘nice to have’ at the right price, not a ‘must have’ at any price.”

The company has also expanded into lower-cost programming, including video podcasts, YouTube content and short-form videos from publishers such as BuzzFeed and Condé Nast.

The Journal also reported that Netflix is evaluating additional live sports, including potential bids for the 2030 and 2034 FIFA World Cups, while pursuing international partnerships similar to its recent deal with French broadcaster TF1.

The expansion into live programming could also strengthen Netflix's advertising business, which generated about $1.5 billion last year. The company has said it expects to double ad revenue this year, with live events giving advertisers access to viewers who cannot skip commercials.