Does anybody know of a way to use their IPTV service to watch together with friends besides screen sharing? I wanted to watch some sports with friends and I hate that when I use discord, there’s lots of frame drops and quality issues. Any help would be greatly appreciated.

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Do I set up a server?

Yeah, you'll need to spin up a Jellyfin server. It's really easy in docker though, and it shouldn't need a machine too powerful. I've heard of people running it on an rPi4 or old laptops.

I run mine on a midrange Intel NUC, and it's worked awesome so far.