Co-streaming: The Strategic Opportunity for Sports and Esports Rights Holders

Rights holders in sports and esports face the challenge of reaching and maintaining the attention of a dispersed audience while maximizing content value. Co-streaming can be used as a distribution model that extends viewership and reaches new audiences through creator-led commentary and community engagement.

This article explores the evolution of co-streaming, successful implementations, and strategic benefits for rights holders to expand their digital footprint.

The Evolution of Co-streaming

The origins of co-streaming trace back to the early days of live streaming. The concept of sharing live commentary on events, often defined as re-streaming, was mentioned as early as 2007, and the practice gained momentum with the rise of Twitch.

In 2011, Twitch was launched as a gaming-focused spin-off of Justin.tv. It changed how audiences consume gaming content by creating a space for gaming enthusiasts to watch live gameplay and engage with creators in real-time, essential to co-streaming’s later success.

In the early days, streaming tournament gameplay with commentary existed in a gray area with no formal guidelines. A 2012 Reddit thread questioned whether it was “disrespectful to stream when the tournament has an official stream,” highlighting the developing concept of creator-led broadcasting.

Co-streaming as a structured strategy began around 2015 when Twitch announced that users could “co-stream” all of the platform’s broadcasts from the E3 gaming convention on their own channels. By 2018, the concept gained traction:

• January 2018: The NBA G League partnered with Twitch to allow co-streaming of games
• September 2018: Riot Games piloted Twitch co-streaming for the North American League of Legends Championship Series (NA LCS)
• December 2018: Popular streamer Ninja was invited to co-stream and provide commentary for Thursday Night Football on Twitch.

By 2019, co-streaming had become an established content strategy. Twitch formally embraced it for marathons, award shows, and major events. What was once informal and unregulated became a recognized distribution model ,  one that platforms and rights holders increasingly see as a way to amplify, not compete with, official broadcasts.

Co-streaming Variants and Models

Co-streaming has evolved into distinct models, each offering unique benefits for rights holders and audiences:

Co-streaming

The standard co-streaming model involves tournament organizers or leagues granting select streamers permission to broadcast an event on their own channels while adding their commentary and interacting with their audience. This approach, used in esports like VALORANT and League of Legends, leverages creator audiences to expand viewership.

Multiple Commentary Tracks

Rights holders are adopting alternate commentary tracks , offering fans multiple ways to experience the same broadcast. Research identifies this shift as a formalization of a grassroots practice, turning co-streaming into a structured and strategic audiovisual consumption channel in esports.

Watch Parties and Watch-Alongs

Watch parties emerged as a popular variant where content creators and personalities react to events in real-time. These can range from casual commentary to expert analysis, with creators bringing their unique perspective and community. Platforms like Facebook introduced dedicated features to support this format as early as 2018. Twitch introduced a similar feature in 2020 but recently shut it down, claiming low usage.

The ManningCast Model

A prominent example of alternative broadcast formats in traditional sports is the ManningCast ,  featuring former NFL quarterbacks Peyton and Eli Manning providing casual commentary and interviewing guests during Monday Night Football games. This format’s success demonstrates how personality-driven content can complement traditional broadcasts.

Strategic Benefits for Rights Holders

Co-streaming offers more than just additional distribution, it provides rights holders with powerful tools to grow audiences, deepen community engagement, and unlock new revenue opportunities. Below, we explore the key strategic advantages of embracing this model.

Reaching new audiences

Co-streaming provides rights holders with access to audiences that might otherwise never engage with their content. Sports and esports organizations can introduce their product to new viewers by leveraging creators with established followings.

When streamers like Shroud co-streamed VALORANT events, his broadcasts regularly drew over 100,000 viewers, peaking at more than 300,000 during the final. Many of these viewers might never have tuned into the official channel.

In a 2021 interview, Average Jonas, a prominent VALORANT co-streamer, explained that these streams “build a bridge between publishers and fan communities.” Rights holders aren’t starting from zero , they’re partnering with creators who already have trust, influence, and dedicated fan bases, instantly expanding their reach and deepening engagement.

Community connection

Creator-led broadcasts engage viewers differently than traditional productions. Viewers in co-streams often feel a stronger connection to the content because:

• The commentary style is typically more casual and conversational.
• Streamers can directly respond to chat questions and comments.
• Communities form around shared interests and the creator’s personality.

New Monetization Opportunities

Co-streaming opens additional revenue streams for rights holders through:

• Expanded sponsorship inventory and new activation opportunities through interactive and direct advertising.
• Increased exposure to new audiences can drive merchandising sales and new registrations for platforms
• Get insights and data across different viewing segments to better understand how viewers respond to the broadcast.

Examples of successful co-streaming case studies

Riot Games and VALORANT

Riot Games has embraced co-streaming for its esports titles. For VALORANT, the company created clear co-streaming guidelines that allow creators to broadcast official matches while adding their commentary. This approach has helped the relatively new esport grow its audience rapidly by leveraging existing creator communities.

NBA G League on Twitch

The NBA G League’s partnership with Twitch represented one of the first major traditional sports leagues to embrace co-streaming. Beginning in January 2018, the development league allowed select Twitch streamers to co-stream games, providing their own commentary and interacting with viewers. This initiative helped the G League reach younger audiences who might not otherwise watch games through traditional broadcasts.

Arcane and Fallout Co-streaming

The co-streaming concept has expanded beyond sports and esports. In 2021, Netflix allowed Twitch streamers to co-stream the first episode of “Arcane,” an animated series based on League of Legends. Similarly, Prime Video permitted co-streaming of the premiere episode of their “Fallout” series in 2024. These cases demonstrate how the co-streaming model is influencing content distribution strategies across entertainment categories.

Thursday Night Football and Ninja

When popular streamer Ninja was invited to co-stream Thursday Night Football in 2018, it represented a strategic attempt to bridge the gap between gaming and traditional sports audiences. This collaboration showcased how rights holders can leverage gaming personalities to reach younger demographics who might not engage with conventional sports broadcasting.

Challenges and Considerations

Despite its benefits, co-streaming presents several challenges that rights holders must navigate:

Rights Management

It is important to establish clear guidelines about what content can be co-streamed and under what conditions. Rights holders must balance openness with protecting their intellectual property.

Quality Control

While co-streaming enables diverse content experiences, rights holders must consider how various streams might impact their brand perception. Guidelines that maintain content standards while allowing for creator authenticity are essential.

Metrics and Measurement

Tracking the impact of co-streaming can be complex. Metrics like Concurrent Viewers (CCV) can be difficult to aggregate across multiple channels. Rights holders need comprehensive measurement strategies to fully understand co-streaming’s impact.

Partner Selection

Not all creators are suitable co-streaming partners. Rights holders must carefully select co-streamers whose audience, content style, and values align with their brand and objectives.

Looking Forward: The Future of Co-streaming

As audiences increasingly fragment across platforms, co-streaming can be an important part of  content distribution strategy. The examples we’ve seen so far are just the beginning. Co-streaming will not only continue to grow but will transform how rights holders approach content distribution and audience engagement:

Integration of Interactive Elements

Future co-streams will likely incorporate more interactive elements that allow viewers to participate in the experience, from polls and predictions to virtual rewards and collectibles. This trend aligns with broader shifts in digital entertainment, where passive viewing is being replaced by participatory experiences.

Expanded Application Beyond Gaming

Co-streaming has roots in gaming and esports, but its application is expanding to traditional sports, entertainment, and even educational content. The rise of watch-alongs in soccer demonstrates how the model’s flexibility makes it adaptable to virtually any live content format.

Platform Integration

Streaming platforms are increasingly building co-streaming capabilities into their core functionality. This includes Mixer’s early co-streaming features and Twitch’s Stream Together function, simplifying the process for both rights holders and creators.

Rights Holder-Driven Programs

Rather than simply permitting co-streaming, forward-thinking organizations are developing comprehensive co-streaming programs that strategically leverage creator partnerships to achieve specific business objectives.

How Ex Machina can help

At Ex Machina, we specialize in building interactive live experiences that drive engagement, loyalty, and monetization. Our technology and creative services help esports organizers, sports leagues, and teams leverage the full potential of co-streaming and interactive content.

As highlighted in our recent exploration of how digital-first leagues are reimagining sports for a new generation, co-streaming represents a crucial element in the broader digital transformation reshaping sports and entertainment.

Our team can support your co-streaming initiatives through:

• Second-screen and co-stream companion apps: Create dedicated experiences that complement primary broadcasts while driving deeper engagement.
• Real-time overlays, polls, and fan interactions: Transform passive viewing into active participation with interactive elements that keep audiences engaged.
• Loyalty systems and interactive games: Build retention through gamified experiences layered onto live streams that reward fan participation.
• White-label watch party solutions: Provide teams or leagues with customized platforms that enable fan communities to gather and engage.
• Engagement analytics: Measure and analyze viewer behavior across co-streamed channels to optimize content strategy.

Learn more about what we do on our solutions page.

We help rights holders transform co-streaming from a simple distribution tactic into a comprehensive engagement and monetization strategy by combining technical implementation with strategic guidance.

Conclusion

Co-streaming has evolved from a grassroots practice to a strategic imperative for forward-thinking rights holders. By embracing creator-led content distribution, sports leagues, esports organizations, and media companies can expand their reach, enhance audience engagement, and develop new revenue streams.

The most successful rights holders will be those who view co-streaming not as a threat to traditional broadcasting but as a complementary channel that serves different audience segments and consumption preferences. With thoughtful implementation and strategic partnerships, co-streaming can become a powerful tool for content monetization and audience development in the digital age.

Ex Machina offers the expertise and experience needed to develop and implement effective programs that drive measurable results for rights holders ready to explore how co-streaming can enhance their digital strategy.