Netflix is ruling the realm of streaming entertainment platforms. There are around 207 million paid subscribers worldwide. Netflix (NFLX) is the first OTT (Over the top) forum setting foot in the domain of the e-commerce industry. It has set up its own online retail store Netflix.shop
During the pandemic, people are engaging more than ever on online platforms, whether it’s social media or entertainment streaming platforms. Netflix knows how to engage its audience. It has bought many popular shows and launched various original series to stream online. Now, Netflix is making a smart move of introducing an exclusive online retail store for its fan base.
Josh Simon, Netflix VP of Consumer Products, said “We’re thrilled to give fans a new way to connect with their favorite stories and to introduce them to the next wave of artists and designers who embrace the power of storytelling in all its form.” People love when the stories that they watch on screen transcend and become part of their daily lives. Netflix is launching an online retail outlet for branded merchandise. It has collaborated with Shopify. It is selling directly to U.S citizens. Soon, it will open stores in other countries too.
Debut Collection of Netflix Merchandise
Netflix is selling a collection of streetwearstreetwear inspired by the anime series. The debut collection is from the Japanese anime series Yasuke and Eden. Other items are apparel, and fancy items encouraged by a French crime thriller Lupin. The designers are Nathalie Nguyen, Jordan Bentley, and Kristopher Kites. Netflix is also planning to launch items from its popular original series The Witcher and Stranger things, Bridgeryon and Money Heist.
Netflix is the Game-Changer
Netflix is the only live streaming platform that does not sell advertisements on its platform unlike Amazon Prime videos, Disney +, HBO Max. In recent years, it has made licensing agreements with Target, Amazon, Sephora, Walmart, and others to sell its products. It is constantly experimenting and looking for ways to expand its revenue. Now, Netflix is the first to enter the E-commerce industry as an entertainment streaming platform. This is a revolutionary move for all the streaming. Other platforms will also look forward to opening an online store and monetizing this opportunity.
What will Netflix sell?
Netflix will sell an assortment of exclusive and limited edition things from pillow covers, clothing to jewelry. This popular OTT forum will use this opportunity to catch the attention of Netflix’s fandom, engage them with its shows on a personal level and earn revenue out of it.
How will advertisers benefit from Netflix shop ?
Netflix has not yet confirmed how advertisers will make a profit out of it. However, there is a possibility that it may choose to partner with already licensed companies. One thing is sure that Netflix will remain ad-free. In the future, Netflix can direct its viewers to its shop to buy products from the store after watching a series. This will be a great marketing strategy for the promotion of Netflix’s online store.
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Written by - Arunima Sharma and Rishi Singh
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