Netflix Planning To Open Retail Destinations In 2025
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Netflix is mulling to launch retail destinations in 2025. Dubbed Netflix House, the streaming giant’s retail destinations will offer offer things to buy apart from food and other activities and experiences themed after what is trending on Netflix at the moment, says a report by news agency Bloomberg. The company already sells merchandise via its online merch store.
“We’ve seen how much fans love to immerse themselves in the world of our movies and TV shows, and we’ve been thinking a lot about how we take that to the next level,” Josh Simon, VP, Netflix Consumer Products was quoted as saying by Bloomberg.
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Netflix has also experimented with immersive experiences such as a stage show prequel for Stranger Things in London and Squid Game: The Trials in Los Angeles. The company launched Netflix Bites in Los Angeles, a pop-up eatery that served dishes based on its original shows, earlier this year. The restaurant has since closed.
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Netflix recently pulled the plug on its 25-year-long running DVD rental service amid waning demand for physical media.
The streaming giant is also likely to increase prices of its ad-free subscription service after the continuing Hollywood actors strike ends. According to a recent report by The Wall Street Journal (WSJ), which cited souces familiar with the development, Netflix is mulling to increase the prices in several markets globally, and the US and Canada may be the first regions to witness an increase in subscription costs. It is not known if the price hike will be applicable for Netflix users in India.
The cost of major ad-free streaming services has gone up by around 25 per cent, amid attempts by entertainment companies to bring their streaming platforms to profitability and lead price-conscious subscribers, the WSJ report added.
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