Netflix do not intend to bid on live sports rights in the near future.

“We’ve not seen a profit path” from “renting big-league sports,” co-CEO Ted Sarandos said during a keynote session at the UBS Global Technology, Media & Telecom Conference. “We’re not saying there never will be,” he added,” but “dramatically expensive” rights have made sports effectively a “loss leader.”

Netflix has begun ad-supported streaming, which was seen by many observers as a prelude to live sports. Their streaming competitors, Amazon and Apple, have each invested heavily in live sports.

“We’re not anti-sports,” Sarandos explained. “We’re just pro-profit. We have yet to figure out how to do it. But I’m very confident we can get twice as big as we are without sports.” The streaming leader did “a thing that’s kind of unheard-of in the history of television” when it managed to get 165 million households to watch Squid Game “without having to premiere it after the Super Bowl. We didn’t need a big loss leader to build a mass audience.”