For five years, Twitch treated Ibai Llanos like royalty because he could put Spanish creators in a boxing ring and pull television numbers on a gaming site. In 2025, his annual showcase, La Velada del Año, peaked at 9.3 million concurrent viewers. In 2026, the sixth edition drew 7.67 million.
That 7.67 million figure is still an absurd number of human beings watching one person host an amateur fight card. It was also the first time the needle flicked downward. In platform territory, the moment a spectacle stops setting records is the exact moment the host platform realizes it cannot afford the production bill.
Now Netflix owns the broadcast rights for 2027, 2028, and 2029. Ibai announced the exit with classic ceremony, claiming that "bringing it to Netflix for the next three years gives us the opportunity to make it even bigger without losing what makes it special: the community that makes it all possible."
That community watched the last broadcast for zero dollars in an open browser tab. On Netflix, those same people need an active credit card on file just to get through the front door. The trade is not complicated. Twitch ran the infrastructure for 7.67 million concurrents, sold banner ads against them, and gave Ibai a chat room. Netflix has quarterly revenue targets to hit in Madrid and needs live events to keep subscribers from canceling between prestige drama seasons.
Twitch built the audience, absorbed the bandwidth costs, and watched the ceiling arrive at 7.67 million. Netflix wrote the guaranteed licensing check to lock the exit doors. The community Ibai thanked in his press release is still the engine of the event. They just happen to be the inventory Netflix purchased to prop up its European subscriber tallies for the next three years.