Why Netflix’s Christmas Day N.F.L. Games Represent a Seismic Shift

If you want an interesting take on Netflix and its grand ambitions. you won’t find many places better on the subject than the research firm MoffettNathanson, which provides trends in media, communications and technology to institutional investors. Michael Nathanson, the co-founder and senior managing director of the research firm that carries his name, evaluated Netflix for many years and has a guiding principle when it comes to the company:

Watch what Netflix does and not what the company says.

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What Netflix did earlier this year was land the exclusive rights to stream two NFL games on Christmas Day — a three-season deal that also includes a game on Christmas Day in

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