Netflix Inc (NASDAQ:NFLX, ETR:NFC) is in discussions with Spotify Technology SA (NYSE:SPOT) to potentially collaborate on expanding its live TV content to include music award shows or live concert series, according to a Wall Street Journal report.
The company has also discussed high-profile celebrity interviews and quick-turnaround documentaries, per the report, which cited people with knowledge of the matter.
Netflix is reviving the iconic talent competition "Star Search" with a new music competition series titled "Building the Band," launching soon.
Another music competition show is also in development for release in the coming months.
The company is also exploring live elements like live finales and audience voting for these competitions, but remains cautious about live content, emphasizing it should have a clear purpose rather than being live for its own sake, the WSJ added.
Neither Netflix nor Spotify have commented on the report.
Netflix shares are up more than 43% in the year to date as it has strategically expanded into live content, which is reshaping its business model and attracting new subscribers and advertisers.