Netflix clocks 25% revenue jump in India thanks to cheaper subscriptions; will slash prices in 116 countries

From TV series to movies and sporting events such as IPL, streaming platforms have become the go-to entertainment destination for Indians glued to their smartphone and TV screens. Within the past decade, OTT has clocked consistent growth to account for as much as 9 per cent of the revenue from entertainment in India.

Despite the lackluster performance of its originals in the country and competition from Amazon Prime, Netflix has posted a 30 per cent growth in viewer engagement.

Scripting success with lower rates

• After reducing its subscription rates to reach a wider audience in the country with 46 per cent people using smartphones, Netflix's revenue increased by 25 per cent.

• Not only has Netflix reiterated its commitment to invest big in Indian content including Rs 200 crore for Hira Mandi, but it is also applying price cuts globally.

• The streaming giant known for hits such as Money Heist and Sacred Games, will now slash prices in 116 countries to emulate its success in India.

Focus on revenue growth

• Affordable prices also led to a 17 per cent rise in paid members, and the firm is now focusing on scaling up its advertising experience.

• Despite a jump in revenues, the streaming platform has still missed estimates for the January-March quarter of 2023.