Shares of Netflix soared 13% to an all-time high on Wednesday after the streaming giant's big bet on sports helped add a record 18.9 million subscribers in the holiday quarter, ballooning its already sizeable advantage over other players.

The earnings report solidified Netflix's dominance in the market, with hits such as "Squid Game" and a boxing match between Jake Paul and Mike Tyson.

Netflix Inc. shares soared to a record high on Wednesday after the streaming giant reported its biggest quarterly subscriber gain in history, buoyed by its first major live sporting events and the return of Squid Game.