How Netflix plans to find its inner ‘Star Wars’

LOS ANGELES : Netflix broke Hollywood's rules to create a $82 billion global streaming colossus that the rest of the entertainment industry rushed to copy. But as growth slows, it is looking backwards for a way forward, borrowing a page from Walt Disney's playbook.

Netflix’s franchise initiative comes at a critical moment, following two rounds of layoffs amid subscriber losses. It is racing to build a lower-cost, advertising-supported version of the service, which it once vowed never to do. On Tuesday, the company is expected to report losing 2 million more subscribers when it announces quarterly earnings. Its shares have sunk 70 per cent this year.

"At a traditional studio, there are these big walls between the feature team and animation team and series team," he said."Because Netflix is a very young organization, those walls just never had time to be built."Netflix executives point to"Stranger Things" as a model. The science-fiction series, now in its fourth season, has inspired merchandise from a Surfer Boy frozen pizza at Walmart to Magic 8 Ball toys from Hasbro, plus live experiences.

"The Three-Body Problem," an adaptation of the first book in a Chinese science-fiction trilogy, is in production with"Game of Thrones co-creators David Benioff and D.B. Weiss as executive producers."One Piece," based on a Japanese Manga series, is shooting, and a live-action adaptation of animated series"Avatar: The Last Airbender" just completed filming.Executives aim to produce franchises from Millarworld, the comic book publisher Netflix acquired in 2017.

Netflix bolstered its franchise-building efforts through an October 2020 restructuring under new global TV chief Bela Bajaria, a former Universal Television executive who developed such Netflix comedies as"Unbreakable Kimmy Schmidt" and"Master of None."

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