Netflix (NASDAQ: NFLX) announced last week the launch of the streaming giant's own online ecommerce site in order to sell branded merchandise related to its various shows called Netflix.shop.
The ecommerce website will feature items such as "Lupin" throw pillows for $60 and "Yasuke" anime hoodies for $74. The shop will also grow further to include items such as merchandise from shows like "Bridgerton," "Money Heist," "The Witcher," and "Stranger Things." Netflix.shop is momentarily only available in the United States, but it will expand to places that are all around the world in upcoming months.
Josh Simon, Netflix's VP of consumer products, who joined the company in 2020, spoke of the store opening in a blog post: "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 forms."
In comparison to other consumer product operations, Netflix is not yet quite as experienced or profitable, since they are still in the process of launching the platform fully. They have already stated, however, that they have no intentions of advertising, but rather, that they intend to bring more creative ways of obtaining revenue in order to minimize any sort of dependence on subscriptions.
Netflix's attitude toward consumer products does not entail a "high end" approach. They intend to instead set things up far differently than the mass-market techniques that are commonly used today. Netflix hopes to, in contrast with other media companies, "compress the development cycle" and to most selectively choose the content at hand.
As certain TV or film shows gain attention from viewers, as made known by factors like social media, Netflix intends to "cash in" on customer desires for certain shows over others. With the opening of the ecommerce platform, Netflix hopes to appeal to consumer interests in new ways.