So Riegg and Bela Bajaria, another longtime TV executive who joined Netflix around the same time and is now its chief content officer, began making the case around Netflix for why it should invest in the tech required to make live content work.

Netflix will have one of its biggest days since the site launched in 1998 when it carries two NFL games for the first time on Christmas.

The Baltimore Ravens and Houston Texans played on Saturday to help kick off Week 16. Both AFC contenders will be back on the field for a Wednesday afternoon Christmas Day special

The analyst believes each NFL Christmas Day game could bring in $75 million in advertising revenue for a total of $150 million. The $150 million from advertising would be equal to the reported $150 million Netflix is paying for the rights, making the games a "free acquisition tool," according to Helfstein.

Netflix struggled to handle an influx of traffic during November's boxing match between Mike Tyson and Jake Paul. That has some NFL fans worried.

Netflix will be the fourth SVOD to exclusively stream an NFL game to their subscibers, joining Prime Video, ESPN+ and ESPN.

The streamer's shares could bounce if the Christmas Day show goes off without a hitch. Investors should stay on the sidelines.

The NFL on Christmas Day on Netflix will be interesting to watch as the Kansas City Chiefs will play the Pittsburgh Steelers, and the Baltimore Ravens will take on the Houston Texans. Every team involved is expected to make the playoffs and football fans could be looking at playoff previews.

Netflix has its work cut out for itself ahead of Christmas Day. The streaming giant did not have much success broadcasting the Mike Tyson vs. Jake Paul fight back in November. Millions of Netflix customers complained about issues with the platform throughout the fight.