In its third-quarter earnings call on Thursday, Netflix Inc (NASDAQ:NFLX) executives shed light on their calculated approach to live sports programming, acknowledging that while their upcoming slate of live events—including the Jake Paul–Mike Tyson fight and NFL Christmas Day game—might seem minimal against their staggering 200 billion annual streaming hours, the strategy focuses on high-impact moments rather than volume.

What Happened: "We have about 200 billion hour every year on Netflix. Very few of them are actually live, but they all promise to be extremely high value," said Ted Sarandos, Netflix's Co-CEO, during the...