Netflix has long been developing a monetization version of Hollywood studios. by launching an online store for branded products
The boutique website Netflix.shop has items like Lupine Throw Pillow ($60) Yasuke Anime hoodies designed by Hypwear’s Jordan Bentley ($74), while introductory offers are limited. The store will soon expand to include items for shows such as Bridgerton, Money Heist, The Witcher and Stranger Things. For now, retail sales have only commenced in the United States. But it will reach global territories in the coming months, the company said.
It Begins on Page: Read the Script for the Season 4 Finale of Peter Morgan’s ‘The Crown’.
Although Netflix is still a major player in streaming. With 207 million members worldwide, Netflix doesn’t look like other streaming players. Some traditional competitors such as Disney, WarnerMedia, NBCUniversal and ViacomCBS, such as Linear TV Networks, are something that Netflix doesn’t have to deal with.
Yet those companies have mature and lucrative consumer product operations that can provide substantial funding. Multiple individual properties can earn billions and offer collaboration opportunities in theme parks and other settings. Netflix firmly insists it has no plans to feature ads on its service. Instead, it’s looking for ways to diversify its revenue to reduce its dependency on subscriptions.
Netflix’s approach to consumer goods wasn’t initially aimed at the high end. It aims to be more customer-driven and set apart from traditional mass-marketing strategies. Media companies, licensors and retailers have placed a risky upfront bet on the product appeal. that will come a few months later during critical times such as year-end holidays. This is due to the fickle consumer tastes and the unpredictable nature of how movies and TV shows will run. Such an approach often leads to the sale of white elephant items.
Netflix, on the other hand, plans to compress the development cycle and take advantage of the titles offered by the company’s big content machines more quickly and quickly. Because some shows or movies get attention. As can be seen from indicators such as social media trends The company hopes to be able to quickly monetize the appetites of customers.
Many online retailers and retailers already sell Netflix merchandise, but the company never has its own operations. Since the beginning of the development of a popular franchise. The company has signaled its interest in acquiring consumer products. Although most of them are part of the marketing. In an interview with the company’s quarterly results for October 2017, at that time CEO (currently Co-CEO) Reed Hastings and head of content (now Co-CEO) Ted Sarandos pulled a Christmas sweater over their shirt. their shirts Adorned with flashy stencils and sparkling lights. This costume is part of the set. Stranger Things The merchandise was produced through a licensing agreement with Target that was tied to that season’s Halloween premiere.
“We’re learning how to sell products,” Hasting says. “You can have ugly sweaters too,” Sarandos added. “It really was a great celebration of the performance.”