Netflix was a Hollywood disruptor long before the pandemic forced traditional movie studios to embrace streaming. But there are still things that Hollywood can teach Netflix, even as it has surpassed 200 million subscribers worldwide.
"The thing that many studios are able to do is create great franchises," Netflix's co-CEO Reed Hastings told The Hollywood Reporter in September, when asked what Netflix could learn from Hollywood.
"We're making great progress on that with 'Stranger Things' and other properties, but compared to 'Harry Potter' and 'Star Wars,' we've got a long way to go."
Hastings' comment reflects a major push by Netflix to snag available intellectual property and build bigger franchises. Unlike traditional movie studios entering the streaming space, particularly Disney, Netflix doesn't have a catalog of long-lasting, beloved franchises to dip into. It's starting from scratch.
Netflix introduced new divisions last year to help in steering these franchise efforts.
The events/spectacle team, led by VP of original drama series Peter Friedlander, is "focused on finding that next project that may be our next franchise," Friedlander told Insider. It also oversees more contained but event-sized projects like "The Queen's Gambit."
The franchise-TV team, led by Netflix's VP of international originals Kelly Luegenbiehl, is focused on "building worlds for fans to explore," starting with "The Witcher," Friedlander said.
"My team and I are passionate about adapting stories from around the world," Friedlander said in a statement. "We specialize in 'spectacle' that leans toward high-concept and high-production fantasy, action, and science fiction, and event programming that focuses on auteur-driven projects like Ava DuVernay for 'When They See Us' or David Fincher for 'Love, Death and Robots.' We are also invested in prestige limited drama series such as the phenomenal 'Queen's Gambit.' It all begins with great stories and great storytellers."
When it comes to pre-existing IP, Friedlander said that Netflix wants to establish credibility with built-in fanbases, but also "can't shy away from taking bold bets that are sure to create conversation and get new fans on board to discover and engage in the show and enjoy the IP."
Friedlander and his team's next projects include the comic-book series "Jupiter's Legacy," a live-action adaptation of the hit anime series "Cowboy Bebop," and a spinoff of History's "Vikings" series called "Vikings: Valhala."
Netflix has 90 TV shows in early development or production based on books, comics, manga, or video games, according to the research firm Ampere Analysis. Book adaptations lead the way with 60, and the remaining 30 are comic, manga, and game adaptations.
Video games in particular have seen a recent, noticeable rise in interest from Hollywood, with Netflix alone developing projects based on "Assassin's Creed," "Resident Evil," and more.
"As operators search for fresh IP, it is commercially astute to examine the games sector where a huge amount of time is being spent by key demographics," said Piers Harding-Rolls, Ampere Analysis' research director for games.
Netflix is building off of its own established hits like "The Witcher" and "Money Heist," and striking big deals with superstar producers like the former "Game of Thrones" showrunners David Benioff and D.B. Weiss, and "Bridgerton" creator Shonda Rhimes, whose name is a brand on its own.
Insider identified projects (in alphabetical order), either in the works or currently available, with the potential to build franchises for Netflix or become major events for the streamer. The list is based on Insider's own reporting and industry knowledge, as well our interview with Friedlander.