A few years back, the narrative in streaming was a tug-of-war contest between Amazon.com, Inc. (NASDAQ:AMZN) and Netflix, Inc. (NASDAQ:NFLX).

But then Netflix jumped heavily into original programming, which inevitably led to the company’s first mega-hit in Stranger Things during the summer of 2016. Ever since then, Netflix has produced original content hit after original content hit, the stock has powered from below $100 to over $360, and Netflix has seemingly crushed Amazon in the streaming video space.

But Amazon Video is about to make a huge comeback through sports.

As the last great hope of traditional linear television, live sports has been a tough draw for over-the-top streaming platforms. Many have tried to stream live sports. None have thoroughly succeeded. Perhaps that is why Netflix has pledged that it will never make a jump into live sports.

But, live sports will eventually make that transition from linear to internet. And when that transition does happen, Amazon will be a big winner.

Here’s a deeper look.

Amazon Is Gobbling Up Sports Streaming Rights

In 2016, Twitter Inc (NYSE:TWTR) won the rights to live stream Thursday night NFL games. It was considered a big deal, a pioneering move in a new space that could help turn around a struggling platform.

But investors never got to see that play out because Amazon swooped in and outbid Twitter in 2017 for those same rights. And again, in 2018, Amazon has won the NFL streaming rights.

This is part of a big move by Amazon to outbid the competition in order to build the internet’s most robust live sports streaming platform. Because Amazon has infinite resources and massive reach through 100 million-plus Prime members, the company has been successful thus far in building the best live sports content library in the streaming world.

Just look at all the sports content Amazon is amassing. In addition to the NFL streaming rights, Amazon just won the exclusive rights to stream some Premier League soccer games. Amazon also has a strong partnership with the NBA. Amazon-owned Twitch streams G-League games (the NBA’s minor league) and has won the rights to stream the NBA’s forthcoming eSports league.

This is just the tip of the iceberg.

Amazon is bigger and has more resources than traditional media giants. Outbidding them in the future for core NBA, NFL, MLB and NHL streaming rights won’t be that difficult.

And it will happen.

Amazon Video Is Only One of Many Catalysts

You don’t buy Amazon stock, which presently trades at a triple-digit earnings multiple, exclusively because of Amazon Video.

But you do buy Amazon stock because Amazon Video is one of just many, many catalysts powering this growth story over the next several years.

You have the burgeoning e-commerce business which refuses to slow down. You have Amazon Web Services, which is the largest cloud business in the world and growing at a robust rate. There is also the offline retail business which is still in its infancy through Whole Foods. There is the advertising business, which is still young but ramping at an impressive rate.

And then there is Amazon Video.

All together, there are just so many growth catalysts supporting Amazon stock over the next several years. Each of these catalysts have big growth potential by themselves. But together, they have huge growth potnetial.

And that warrants a huge multiple for Amazon stock.

Bottom Line on AMZN Stock

Amazon stock is a long-term winner due to multiple big-time growth catalysts, one of which is Amazon Video.

Eventually, live sports will shift from linear to internet. When that happens, Amazon Video will rock higher.

As of this writing, Luke Lango was long AMZN.