Netflix, the streaming behemoth that has evolved from mailing out DVDs in red envelopes to becoming a hugely important player in the entertainment industry, is embarking on a new adventure: producing on Broadway.

The company will pick up its first Broadway credit this spring as a producer of “Patriots,” by Peter Morgan, the creator of the hit Netflix series “The Crown.” The new play is about an oligarch who was an early supporter of President Vladimir V. Putin of Russia but then fell out with him and wound up dead.

Even before “Patriots” begins its Broadway previews on April 1, Netflix is already in the early stages of developing a screen adaptation of the story, according to Emily Feingold, a Netflix spokeswoman.

“Patriots” will be Netflix’s first Broadway credit, but not its first stage venture. The company is actively involved as a producer of “Stranger Things: The First Shadow,” a play now running in London that is a prequel of sorts to the popular Netflix streaming series. The “Stranger Things” production is expected to come to Broadway, but the timing and other specifics are unknown.

Netflix’s foray into Broadway producing comes at a time when the entertainment industry has been aggressively working to monetize intellectual property — adapting popular titles and franchises on many different platforms, including not only film, television and stage but also books, video games and immersive experiences.

Broadway has long had the attention of Hollywood studios — Disney, Warner Bros. and Universal have been particularly active in pursuing stage adaptations of their films. And for some time now, the recording industry has been actively involved on Broadway, seeing the stage as another way to repurpose pop song catalogs.