The Power of Netflix in Marketing
Netflix is a content powerhouse. In fact, stats suggest that the streaming platform served a massive 213.56 million paying members in Q3 of 2021. The company has also seen a massive boost in value as a result of the release of popular shows like Squid Game, reportedly growing 23% from July 2021 to November 2021 to $291 billion.
However, it isn’t just Netflix that is seeing profits as a result of its growing popularity. We are now increasingly seeing other big brands leverage the platform and the significance of its shows to boost their own marketing clout.
Brands have been doing this in several ways, ranging from product placement to theming external marketing campaigns around series, films, and even the concept of Netflix itself. In this article, we will be looking at some of the most recent and most successful ways brands have used Netflix in their marketing campaigns.
South Korean bloody drama Squid Game is a behemoth of a show on Netflix. The company has reported that a record 111 million households have watched at least some of the series and it is predicted that it will create a huge $891.1 million in revenue through various streams.
With such massive popularity, it is no surprise that many brands have jumped on the bandwagon to promote themselves with Squid Game themed campaigns. This has been prevalent throughout platforms such as Instagram with brands ranging from Heineken and Budweiser to Dominos and Pepsi posting Squid Game inspired posts:
The series has also offered unintentional clout to some brands such as Vans, who didn’t pay for product placement in the series but have reported an astounding 7800% increase in the sale of their slip-on shoes after they featured heavily throughout. Similarly, language education platform Duolingo has seen a boost of 76% in those learning Korean through their app since Squid Games was released.
The hit show Stranger Things has seen huge success in brand partnership throughout its series and especially in series three where product placements featured heavily. In fact, Netflix agreed several deals for product placement in the series, with brands including Coca-Cola, Cadillac, Casio, Burger King, Reebok, Adidas, Sharp, 7-Eleven and Chevrolet.
Brand placement during the third series of Stranger Things is estimated to be worth $15 million.
Coca-Cola featured prominently in the series, with placements in every one of the 8 episodes. The brand reportedly received exposure to the value of $1.5 million in just the first three days that the series aired.
But Coca-Cola’s marketing campaign spread much further than just product placement. They also invested in a Stranger-Things-themed ad remake directed by the series directors, the Duffer Brothers. In addition, Coca-Cola ran Stranger Things events and published Stranger Things themes social media campaigns.
Red Notice is an action-packed film featuring acting legends Dwayne Johnson, Ryan Reynolds and Gal Gadot. With such a star-studded cast, it is hardly surprising that the film broke records, with 129 million hours of the film being streamed in the first week of release.
The film was also a leader in terms of volume of product placement, with nearly 70 products being placed throughout. Interestingly, the stars of the show also had a hand in product placements with Ryan Reynolds owned Aviation Gin and Dwayne Johnson’s Teremana Tequila both making an appearance.
Netflix Marketing Power: Summary
Films like Red Notice and Stranger Things may mark a turning point for Netflix as they seek to further monetize their content through brand collaborations.
However, paid collaborations are far from the only benefit of brands jumping on the Netflix marketing bandwagon. This is clear through the massively popular, yet widely underestimated Squid Game series and the benefits brands have gained by including key themes throughout their own marketing campaigns.