Netflix is leaving the digital sphere and finally breaking into the real world. With the company’s latest initiative, Netflix brings its themed experiences straight to you.
Under the new initiative, Netflix House looks to boost the company’s revenue while expanding into a world beyond the screen.
Here’s everything you need to know.
Netflix House Brings You New Experiences
Netflix takes its foray into live experiences more seriously with it’s announcement of Netflix House.
The plan is to bring in-person experiences themed after popular Netflix IP to venues across the country. Netflix has had over 50 live experiences in 25 cities across the globe only this time…
These events are finding permanent homes in shopping malls across the states.
The first Netflix House venues will be in Galleria Dallas in Texas and King of Prussia in Pennsylvania, opening in 2025. Some of the planned experiences will include exclusive merchandise, new immersive events…
And could potentially come to include themed restaurants, rides, and virtual events.
With such an ambitious plan this begs the question…
WHY IS NETFLIX CHOOSING TO PUT ITS NEW EXPERIENCES IN MALLS?
Shopping Malls have been suffering across the country. Unable to compete with the convenience of online shopping, Malls have been left abandoned en masse. So much so that the once populous centers have been not-so-endearingly given the moniker zombie malls.
But Netflix sees benefits to the retail apocalypse…
Namely, more foot traffic and a staunch physical presence without having to put in the work to build their own real estate.
While Netflix has dominated the streaming wars, it also knows that most transactions happen out in the real world…
And they want a piece of the pie.
Mall operators are also thrilled by the opportunity. After all, having a Netflix house venue in any mall would bring heightened volume from fans and new guests. In a time when malls are desperate for more consumers, Netflix House is a win-win.
As far as the streamer’s inspiration for the brick-and-mortar event space goes…
They’re taking a page out of Disney’s book.
Learning From The Best
Taking an overwhelmingly popular IP and turning it into a real experience isn’t just something that Disney has experience in…
They invented the rulebook.
And now Netflix is following in its footsteps for their own experiences.
BOTTOM LINE IS: FANS WANT REAL EVENTS.
So much so that there’s been a term for this phenomenon: “Clicks and Bricks”…
Otherwise describing the urge consumers have to merge online spaces with the real world.
Not to mention, live experiences are a big money maker…
Last year, Disney made $23 billion in revenue just from their parks sector.
In comparison, Netflix made $23 billion in total revenue for the whole year…
Clearly, there’s a lot for Netflix to gain through experiences.
What differs, however, is that the streamer isn’t going all in on giant experiences yet. Rather, they’re using their IP to start with smaller, more curated experiences.
Some of Netflix’s biggest IPs have made the streamer a pretty penny.
Squid Games, one of the most popular shows on the site, made Netflix close to $900 million. Another show, Bridgerton, has fans buying, and selling out, merchandise inspired by the series.
Making themed experiences inspired by their most popular series has become a no-brainer for Netflix.
Not to mention, they can curate experiences based on what their fans want specifically.
Thanks to Netflix’s customer data, they can better pinpoint which IP fans in certain cities want. Using that demographic data they can best decide what IP would work best for different locations.
From The Screens To Real Life
While Netflix is banking a lot on their live experiences…
If their previous attempts have shown us anything, it’s that the streamer is more than ready to handle the transition to real-life events.
While the future is still unknown for Netflix House…
It seems that anything the streamer has put on screen can soon be found at your local mall.
Be Great,
GCTV Staff
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