Netflix is bringing curated products such as apparel, toys and games from its catalogue of shows to consumers via its new online shop, Netflix.shop. According to Josh Simon, VP, consumer products, Netflix.shop will release exclusive limited editions of apparel and lifestyle products related to its shows and the brand on a regular basis. Among the items debuting this month include streetwear and action figures based on anime series Yasuke and Eden, as well as limited-edition apparel and decorative items inspired by Lupin in collaboration with the Musée du Louvre.
With Netflix.shop, the streaming company wants to extend the world of stories for its fans, combining curated products and storytelling in a uniquely Netflix shopping experience. The Netflix.shop is currently only available in the US but will expand to other countries in the coming months. At the same time, Netflix is also working with a group of up and coming designers: Nathalie Nguyen, Kristopher Kites and Jordan Bentley. Other upcoming products include those inspired by The Witcher and Stranger Things, as well as new Netflix logo-wear from Japanese fashion house BEAMS. Netflix joins competitors such as HBO and Disney to have online stores selling related merchandise from their shows. Netflix declined to comment on MARKETING-INTERACTIVE's queries about Netflix.shop.
During the first quarter of 2021 ended 31 March, Netflix reported revenue of US$7.16 billion and US$512 million went to marketing expenses. According to CFO Spencer Neumann, its business remains healthy and its viewing per household increased year-over-year during the first quarter. He added that its churn was down year-over-year and the business is still growing. In the past two years, it grew from about 150 million members to almost 210 million currently.
Meanwhile, co-founder, chairman, president and co-CEO Wilmot Reed Hastings said its largest competitor for TV viewing time is still linear TV followed by YouTube. He added that Disney is “considerably smaller” in terms of competition and that Netflix is “sort of in the middle of the pack”. With regards to its focus moving forward, Hastings said the company is fixing its eyes on member satisfaction to drive retention and word of mouth to drive growth, which are the same two factors it has always focused on.
Separately, Netflix celebrated Asian and Asian American individuals last month by publishing a video on LinkedIn, Instagram, Twitter and YouTube, with the caption: "We are brave, we are strong, we are more than a stereotype. Our stories have no boundaries. Today and every day, celebrate who we are." The video featured celebrities such as Lana Condor, Tan France, and Daniel Dae Kim.
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