Netflix Enters 'Online Shopping Mall'... Creating New Revenue Stream Amid Intensifying OTT Industry Competition

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Netflix, the world's largest video streaming service (OTT) provider, is entering the online shopping market. This move is interpreted as an effort to create new revenue streams amid fierce competition in the streaming industry.

On the 10th (local time), Netflix announced that it would first open 'netflix.shop' in the United States and expand the service to other countries within a few months.

Netflix currently has over 200 million subscribers, but latecomers such as Disney Plus, Peacock, and Paramount Plus are rapidly catching up, threatening Netflix's dominance. Additionally, WarnerMedia, which operates the streaming platform HBO Max, recently merged with Discovery and plans to launch a new OTT service to compete with Netflix.

The film industry media Deadline analyzed, "Facing fierce challenges from latecomers and having no other revenue channels besides subscriber growth, Netflix has chosen a strategy to increase sales by establishing an online shopping mall."

Netflix will sell products related to content popular among viewers in its online store.

The online store will feature hoodies, hats, pillows, small tables and other home decoration products, watches, jewelry, collectible characters, and games.

This month, Netflix will sell character clothing and dolls from popular animations 'Yasuke' and 'Eden,' and will also release products based on hit series such as 'Stranger Things,' 'Lupin,' and 'The Witcher.'

George Simon, Vice President of Consumer Product Sales at Netflix, said, "We are excited to offer fans a new way to connect with their favorite video content stories."

Meanwhile, Simon was recruited by Netflix last year after working at Nike. According to The New York Times (NYT), Netflix's consumer products team has grown from 20 to 60 members.

This content was produced with the assistance of AI translation services.