Netflix Hits Broadway With Theatrical Take On Putin's Leadership — And He Probably Won't Like It

Streaming giant Netflix Inc NFLX is looking for new verticals of growth after years of dominance in the streaming sector.

New avenues for growth include venturing into live sports, video gaming, and now Broadway productions.

What Happened: With over 260 million global paid subscribers, Netflix is exploring strategies to maintain user engagement and ensure steady monthly revenue. The streaming behemoth may soon tap into a fresh revenue stream.

Netflix has signed on to produce "Patriots," a play headed to Broadway. The play is based on Russian President Vladimir Putin.

"Patriots" is set in 1991 after the fall of the Soviet Union, according to a report from Variety.

The play is about several characters, including Putin and Russian oligarch Boris Berezovsky, who wound up dead after becoming a vocal critic of the Russian president after previously backing him.

"Patriots" comes from Peter Morgan, who is the creator of the Netflix hit "The Crown." The play will include cast members Will Keen (as Putin), Luke Thallon (as Roman Abramovich) and Michael Stuhlbarg (as Berezovsky), who makes his return to Broadway after 20 years.

Preview performances of the play are set for April 1 with an opening night premiere set for April 12. The play is currently scheduled to run for 12 weeks.

Related Link: Putin The Reality Star: You’ve Heard Of Keeping Up With The Kardashians, Get Ready For Keeping Up With The Kremlin

Why It's Important: Netflix has slowly gotten into the stage business, previously producing "Stranger Things: The First Shadow," a West End play of its hit sci-fi show.

Producing "Patriots" will mark the Broadway debut for Netflix.

"Patriots" previously played in London before heading to Broadway. During its run in London, the play was well-received by fans as one of the fastest-selling new plays, according to Variety. The play also recouped the original run investment during its time in London.

With Netflix looking to expand its reach to new markets and also extend the life of some of its hit franchises with spin-offs, it will be interesting to see how its Broadway premiere goes.

Hypothetically, the future might bring more stage adaptations of popular Netflix series and films, opening up an additional revenue channel for the company.

NFLX Price Action: Netflix shares trade at $597.41, versus a 52-week range of $285.33 to $605.36. Shares of the streaming company are up 85% in the last year and trading near 52-week highs.

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