• by Wayne Friedman , Staff Writer, 5 hours ago

Beyond all the drama around dropping its interest in Warner Bros. Discovery, Netflix needs some new goals to build on its still-dominant position in premium streaming. 

Should the company look more to live sports? More gaming? Video podcasts?

Yes. But with its seemingly not-so-casual interest in WBD, we may have a hint at something else.

Perhaps the biggest success outside of entertainment programming (“Stranger Things” and “Squid Game”)would be two years' worth of NFL Christmas Day Game. Or we could include those live celebrity-boxing events.

But this effort around sports is just piecemeal -- as if the company is still trying to determine what clear strategy to take. 

Should Netflix make a bigger jump -- such as a potential season-long sports-league deal with the NHL or Major League Baseball for some regular once- or twice-a-week broadcast? Yes.

Maybe we should also consider the upcoming NFL option period of deals with the league’s five existing partners still under those 11-year contracts. Could the NFL peel away a few more games -- perhaps give Netflix a bigger in-season game footprint?

Before any of that happens, consider that Netflix probably still fancies the idea of bringing another significantly sized movie/TV studio in-house -- obviously not as major studio like the big Warner Bros.

Analysts wonder if Lionsgate, a “mini” major studio of sorts, could be a target -- not just for its library of “Hunger Games” and “Twilight” or “John Wick” franchises, but an outright purchase.

Looking at different sides of the equation, Netflix may consider a lateral move of sorts -- with an ad-technology/streaming distributor. Roku perhaps? Netflix could surely be helped by a veteran advertising operation -- and could gain access to a still-growing Roku Channel, with a FAST channel --  to monetize all its programming content.

Is there anything left of legacy media companies that would fit inside Netflix? We are not thinking about Versant Media, Comcast’s spinoff of slower growing cable networks. Netflix has no interest in those businesses. Perhaps some movie/TV production operations (from Disney? From Comcast? ) would work better inside Netflix.

And what about gaming, sports, and video podcasts? We're always seeing Netflix dip its toes in the water.

Warner Bros. Discovery would have a big fish. But as a "nice to have," not a "need to have."

So all that begs the question. What does Netflix need to have, say, five to ten years from now?

With all that huge cash flow, a big splash is coming at some point.