How Netflix plans to capture OTT space in India
In the past one year, platforms offering over-the-top (OTT) content have grown substantially in India. Hotstar, Voot, Amazon Prime Video, Sony Liv, and Netflix are the top OTT platforms in the country.
In the list, Netflix has the most curious case of growth, which successfully acquired over 5 million subscribers in a year. Though the figure might be in a few million, it is unique.
The company, which offers video content at the premium subscription cost at Rs 500-800 per month, has managed to persuade the Indian users — who prefer to consume content for free — to pay a premium.
From this stage, the US-based video content company is aiming to capture the next million subscribers in India, according to Reed Hastings, Chairman and CEO, Netflix, who is on two days India visit. He was Speaking to entrepreneur Ronnie Screwvala at The Economic Times Global Business Summit (GBS) in New Delhi
Speaking on the Indian market for the video-streaming giant, Hastings stressed that the company plans on optimising the gap in India where Indian TV production value is much lower than the rest of the world.
During his media interaction, he also added that in 5 or 10 years down the line, he would like to have most Internet users in India be able to watch Netflix.
By December end last year, Netflix had 117.6 million subscribers worldwide. It is gaining ground in the international market at a very fast pace.
Content is definitely the topmost agenda for Netflix as it has reportedly set aside a Rs 2,000 crore budget exclusively for acquiring content in India.
Netflix on Friday announced a slate of three new Indian original series, across genres and themes, namely Ghoul, Leila, and Crocodile.
The newly announced series will join a larger slate of original productions out of India including “Sacred Games”, “Selection Day”, and “Bard of Blood”.