Nine Entertainment’s streaming service Stan Sport has experienced a decline in subscriber numbers over the past year, raising questions about the company’s recent investment in English Premier League (EPL) broadcast rights. Internal documents show the Stan Sport subscriber base dropped from approximately 800,000 in September 2025 to around 730,000 in early September 2026, underscoring concerns about the financial risks taken in securing the EPL deal.
Last week, Nine announced it had extended its contract to broadcast the English Premier League in Australia through the 2033-34 season, adding six years to its existing agreement, which still has two years remaining. The total cost of the extension is understood to be approximately $810 million, averaging about $135 million annually. This represents a significant increase from the current contract’s annual cost of $60 million paid by Nine, with the previous rights holder Optus Sport covering the remainder as part of its original deal before exiting the market.
Industry insiders suggest Nine’s approach to renewing its EPL rights was atypical, noting the absence of a competitive bidding process. Sources familiar with the negotiation described the deal as the result of a "bet against itself," with Nine submitting an early renewal bid two years ahead of its contract expiry. Observers pointed out that without competing offers, the EPL was able to secure an expedited and lucrative contract extension.
Critics argue the financial terms may not align with market realities, emphasizing that the majority of potential EPL subscribers likely already subscribe to Stan Sport after more than a year of exclusive coverage. “The market wasn’t saying the EPL is worth that much,” said one industry figure, while acknowledging the league’s global appeal and importance to Australian sports audiences. The challenge, they noted, lies in balancing the cost of rights with the ability to attract and retain new subscribers.
Nine declined to comment on the leaked internal figures but defended its decision through Amanda Laing, managing director of Nine’s streaming and broadcast division. Laing described the EPL as the “most popular league in the world,” stressing the strategic value of the rights deal. She highlighted that EPL viewers tend to be younger, have longer engagement times, and often interact with other entertainment content on the platform. “We’ve got a really good idea of what the EPL delivers for our platform and that informed the decision,” Laing said.
According to Nine’s announcement to the Australian Securities Exchange, Stan Sport has been integral to the overall growth of the Stan streaming service. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled from $40 million in fiscal 2021 to $81 million in fiscal 2026. However, while base Stan subscriber numbers decreased slightly—from 2.5 million to 2.3 million—the average revenue per user improved, contributing to higher overall revenue.
Aside from the EPL, Nine recently secured rights to broadcast National Rugby League (NRL) content, committing around $145 million per season for three weekly live games, State of Origin matches, and the grand final. However, Foxtel ultimately obtained streaming rights to most NRL regular season games, limiting Nine's ability to expand its sports offering behind the Stan paywall.
The subscriber decline and market reaction, including a recent 15.85 percent drop in Nine's share price to a record low of 77 cents, have fueled debate about the company’s long-term streaming strategy and the sustainability of its major sports investments.