Netflix, the American over-the-top content platform and production company that has a global presence with hit shows like Lucifer, Crown, Money Heist, Peaky Blinders and many more, launched its own e-commerce store called The Netflix Store. This online store will sell selected products from its own catalog of movies and shows. Like Disney, Netflix is also looking to diversify its portfolio by venturing into the e-commerce segment for additional revenue.
Carefully crafted and of course limited edition, the store will first see a merchandise release of the two very popular Netflix original series, Warlock and strange things. Netflix also plans to launch its own logo in collaboration with BEAMS, which is a Japanese fashion house. The company is also releasing merchandise based on the Anime series. Yasuke and Eden. Limited edition clothing and decorative items from the famous French suspense series Lupine with a collaboration of Louvre Museum It will also be seen in the store for sale. The collectables released, inspired by the anime, will be through three upcoming designers, Kristopher kites, a prominent jeweler, Jordan bentley, a streetwear designer and Nathalie nguyen, a digital artist.
Licensing and diversification
This movement occurs in accordance with Netflix’s licensing agreements with major companies such as Amazon, Walmart, H&M, Target, Sephora that already sell products related to Netflix shows. In the Netflix store, however, only limited edition items will be sold to fans, unlike the other companies that sell their merchandise products. The company is trying to increase its means of generating income by diversifying its portfolio into a completely different segment.
Netflix is not the only one that has ventured into this segment before. Disney has held its position for much longer, with its consumer products generating revenue of around USD. 16.5 billion in 2020. Disney began licensing the Mickey Mouse image for use in publishing a children’s writing tablet that the company decided to venture into the field.
The Netflix Shop e-commerce website has been selected and developed by Shopify. The store will see a first launch in the United States of America before the company focuses on plans that involve expanding to other countries. The move is also seen as a response to high levels of saturation in consumer demand due to increased competition in the OTT segment across borders.