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.
