Streaming giant Netflix Inc. (NASDAQ:NFLX) is launching a new reality competition set in the familiar world of Willy Wonka. The company continues to bet on reality series to attract new subscribers and keep its large base of existing subscribers.

What Happened: In a move that could follow the success Amazon.com Inc (NASDAQ:AMZN) had with "Beast Games" from content creator MrBeast, Netflix is launching a reality competition in the spirit of the literary classic "Charlie and the Chocolate Factory."

Netflix is currently casting U.S. residents aged 18 or older in a competition called "Wonka: The Golden Ticket."

"For the first time ever, the doors of Wonka's Chocolate Factory are opening for you," Netflix said in an announcement.

The series says people are "invited to a competition beyond imagination" as the signature "Pure Imagination" song from the Willy Wonka movies plays in the trailer's background.

Netflix said players who get the "golden ticket" to be in the competition will have to adapt and strategize in the "high-stakes social experiment" as their ticket will take them only so far.

Players will compete in games, tests and temptations throughout the series. The series announcement promises a huge prize for the winner of the series, which will take place in an immersive factory.

Netflix said a premiere date for the reality competition will be announced later.

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Why It's Important: Netflix continues to add more original content to its streaming library, which includes added efforts for live sports and reality competitions in recent years.

"We are thrilled to bring the magic of The Chocolate Factory to life like never before," Netflix Vice President of Unscripted Jeff Gaspin said. "This one-of-a-kind reality competition blends adventure, strategy, and social dynamics, creating an experience that is as captivating as it is unpredictable."

Gaspin said the lucky few participants in the competition "won't just have to imagine the experience – they'll get to step inside the factory."

The reality series could attempt to mirror the success of Beast Games, which saw MrBeast offer huge prizes for contestants in competitions, group decisions, and more social experiments. MrBeast previously released a Willy Wonka-themed video that featured competitions and has over 335 million views on YouTube.

Willy Wonka comes with huge brand recognition thanks to several big screen movie adaptations of the literary character including the recent 2023 Warner Bros. Discovery (NASDAQ:WBD) motion picture "Wonka," which starred Timothee Chalamet in the title role.

"Wonka" grossed $218.4 million domestically and $634.5 million worldwide.

Netflix acquired the Roald Dahl Story Company in 2021, one of its largest acquisitions to date. The acquisition gives the company additional rights to several books and IP based on Roald Dahl characters. Dahl is the author of "Charlie and the Chocolate Factory."

The streaming company has released "Matilda the Musical" and "The Wonderful World of Henry Sugar" in recent years, which are based off of Dahl characters. Netflix will also release the animated movie "The Twits" later this year, based on a 1980 book from Dahl.

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