For the launch of Netflix.shop, the company is introducing a collection of anime-inspired collectibles from three upcoming designers namely, Nathalie Nguyen, Kristopher Kites and Jordan Bentley.
Items debuting this month include streetwear and action figures based on anime series Yasuke and Eden, and apparel and decorative items inspired by French crime thriller Lupin, developed in collaboration with the Louvre Museum in Paris.
Moreover, the streaming giant plans to introduce products based on hit series The Witcher and Stranger Things and Netflix logo-wear from Japan’s fashion house BEAMS in the near term.
Markedly, Netflix developed and launched the e-commerce site with Shopify (SHOP – Free Report) . The online merchandise store is available in the United States and will be expanded to other countries in the coming months.
Netflix, Inc. price and Consensus
Foray Into E-Commerce – A Game Changing Move
The expansion into limited-edition apparel and other consumer products for sale on an owned-and-operated site marks another step by Netflix to keep fans invested in its shows even after they turn away from their screens.
Markedly, Netflix added 3.98 million subscribers in the first quarter of 2021, which fell short of its forecast of 6 million new subscribers.
The shopping site offers a new source of revenues for Netflix after a quarter in which its explosive growth showed signs of slowing down in the increasingly crowded field of streamed entertainment, which includes rivals like Disney+, Amazon Prime videos, Paramount+, Peacock, HBO Max among others.
Additionally, the online store expands this Zacks Rank #3 (Hold) company’s product line beyond the items it sells through partners such as Target (TGT – Free Report) , Walmart (WMT – Free Report) , Amazon, H&M, Sephora and other retailers. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Moreover, Netflix.shop allows the company to further capitalize on viewer interest in merchandise to help make up for lack of advertising revenues since the streaming site, unlike many of its competitors including Hulu and HBO Max, doesn’t run ads.
Netflix, the home of popular original drama series such as Bridgerton, Money Heist and The Crown, does not have commercials, relying on the monthly fees paid by its 207.6 million subscribers around the world.
Other tech giants including Alphabet owned Google and Facebook are also diversifying into the promising global e-commerce market, which is expected to reach $16,215.6 billion by 2027, growing at a CAGR of 22.9% during the forecast period of 2020 to 2027, per Research and Markets report. Google recently announced plans to open a New York store, besides Facebook’s Instagram, which is ramping up its in-app shopping features.
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