Streaming Giants Unite: NFLX Surges with New Coalition Launch

Netflix stock (NFLX) experienced a 4% surge on Monday morning to around $81, following its participation in a new streaming coalition launched by the US streaming giant, Amazon (AMZN), and Google-owned YouTube.

The coalition, named the Streaming Access and Choice Alliance (SACA), aims to promote innovation-friendly policies that support consumer choice. TechNet leads the alliance, with TechNet stating that 'streaming and digital entertainment companies offer audiences better features and value for their money.'

The formation of SACA comes as Netflix faces concerns over maintaining audience interest in its streaming service long-term. To address this, Netflix has been investing in live events such as sports and short-form content.

Evercore analyst Kutgun Maral recently called NFLX a Buy and increased his price target to $110, citing opportunities for the company to expand its subscriber base through live events.