The sell off of shares in Netflix continued on Friday over subscriber growth concerns.

Stock in the streaming giant fell 8.5 percent a day earlier after MoffettNathanson research analyst Robert Fishman warned in an investor note that a gain from turning password-borrowers into paying customers had possibly run its course.

On Friday, shares in Netflix closed down another $15.25, or 1.7 percent, at $891.11, which marked a recovery from an intra-day trading low of $858.63, but was well down from a record high of $1,064.50 reached on Feb. 14 for stock in the streaming giant. The stock selloff followed comments by Netflix CFO Spence Neumann over the streaming giants stance on live sports rights made at the Morgan Stanley conference on March 5. Neumann told the investors conference that Netflix would stick to big event sports like boxing specials, the Netflix Cup match-play golf tournament, NFL games on Christmas Day and WWE wrestling, and wasnt likely to bid for regular seasons or full seasons of sport rights anytime soon.

We saw it with the Paul Tyson fight, with NFL on Christmas Day and now with WWE. So we are in those big eventized moments. We see with that, that it drives kind of the core things were trying to do in terms of entertainment value to members, acquisition. Theres more conversation happening and we also believe it will drive even better retention over time for our service. So those are the things that were leaning into, Neumann told the Morgan Stanley conference.

With Disney, Fox and Warner Bros. Discovery abandoning a partnership to launch Venu, the joint sports streaming platform, and each going it alone, theres implications if Netflix decided to drive aggressively into bidding for live TV sport rights. The argument for Netflix bulls is the streaming giant ramping up its live sports programming could justify even higher subscription pricing, and so revenues, down the road.

But Neumann said thats not likely to happen. Netflix will be doing more mega sporting events, but not pursuing broader sport right packages if it didnt make financial sense.

We keep looking, its not like its a never say never on these things. If theres a way to make economic sense and business sense about a broader package of sports. We remain open to it, but its not something thats in our kind of near term horizon or something we kind of see, Neumann told investors.

As part of its live sports programming, Netflix has looked to leverage its expertise in sports documentaries with event sports. Thats likely to happen as well after Netflix picked up the exclusive U.S. streaming rights to the 2027 and 2031 editions of theFIFA Womens World Cup and said it will develop shoulder programming and studio shows to complement the live matches.