Netflix’s ambition to be an all-encompassing entertainment platform has pushed it well beyond films and scripted series. After losing out on Alex Cooper’s blockbuster Call Her Daddy deal back in 2024, which landed at SiriusXM for a reported $100 million, Netflix did not retreat. Instead, it recalibrated, seeking podcast partnerships that could extend viewing time, deepen engagement, and compete more directly with YouTube’s creator economy.

Yet 1for all the metrics and muscle, there comes a delicate moment in every empire’s life: the one where the door does not open, the check does not tempt, and Netflix, of all entities, discovers what it sounds like to hear no.

That question became unavoidable after a Bloomberg report revealed that All the Smoke, the popular sports podcast hosted by former NBA players Matt Barnes and Stephen Jackson, declined Netflix’s advances. According to people familiar with the negotiations, Netflix initially offered a deal worth a couple of million dollars. While the company later increased its bid, the two sides still failed to reach an agreement.

Bloomberg noted that Netflix has generally been more comfortable operating in the six-to-low-seven-figure range for podcast deals, a spending ceiling that several shows have reportedly found insufficient. 

All the Smoke is no niche property. Since launching in 2019, the show has built a reputation for candid conversations, viral moments, and deep access to NBA culture. Barnes and Jackson leverage their credibility as former players to attract top-tier guests, making the podcast both culturally influential and commercially valuable.

2025’s Most Talked-About Live-Action Adaptation Is Finally Hitting Netflix

Still, one high-profile rejection has not slowed Netflix’s broader podcast playbook.

Despite missing out on All the Smoke, Netflix has already secured a notable slate of sports and culture podcasts. Shows like The Bill Simmons Podcast, The Rewatchables, Pardon My Take, Spittin’ Chiclets, My Favorite Murder, and The Breakfast Club are heading to Netflix in the U.S., via deals with networks such as The Ringer, Spotify Studios, iHeartMedia, and Barstool Sports.

Netflix is reportedly paying Barstool Sports more than $10 million annually, reflecting its willingness to invest selectively where scale and audience loyalty are proven. Still, most podcast partners have yet to demonstrate strong video monetization, reinforcing Netflix’s cautious, experimental posture.

The company recently released a low-key promo under the banner “Podcasts Worth Watching,” opting to rely on algorithmic discovery rather than a full marketing blitz. That restraint is temporary. Executives are expected to push harder once Netflix unveils its first slate of original podcast content, a milestone believed to be imminent.

For Netflix, podcasting is a low-risk test. It is inexpensive, growing fast, and capable of increasing time spent on the platform. If it works, it strengthens Netflix’s hand against YouTube. If it does not, it joins past experiments quietly phased out.

From 'Squid Game' Creator, Netflix Kicks Off New Korean Thriller Drama 'The Dealer': Release Date, Cast and More

With high-profile podcast deals falling through, should Netflix rethink its approach? Let us know your perspective.