Netflix CEO Reed Hastings stated in February 2018 at a global business summit in Delhi that the company is “coming from India”
Mr. Hastings does not sound quite as optimistic three years later as he did then. He lamented the company’s lack of success in India during a conference call last week.
“However, the fact that we’ve started the flywheel in every major market is encouraging. This frustrates us because we haven’t had as much success in India. Having said that, we’re leaning heavily toward it “He made the assertion.
The Indian streaming market is estimated to be worth $2 billion (£1.4 billion) by Media Partners Asia. An international media consulting firm. Netflix has been sputtering in this market since its inception six years ago.
Netflix’s Competition
According to industry estimates, Disney+ Hotstar (46 million subscribers) and Amazon Prime Video (24 million subscribers) are the world’s most popular streaming services (19 million) after Netflix.
Sacred Games, Netflix’s sprawling and gritty gangster epic, had a banner year in 2018. The slick thriller, which opened to rave reviews, stars Bollywood A-listers and two of India’s greatest filmmakers. According to The Economist, new combinations of “new combinations of old-school Hindi film talent. Hollywood values and Silicon Valley’s billions” have a bright future.
However, the reality is somewhat different. India has a sizable entertainment industry. In the United States, more than 200 million people own a television, and a monthly subscription to pay television begins at just $4. For the vast majority of consumers, films, sports, and news continue to be popular forms of entertainment.
Sony LIV
Scam 1992, a thriller about a rogue stock trader, premiered last year on SonyLIV and quickly became a popular show for consumers to binge-watch.
Indians with multigenerational families are also discovering dark heartland thrillers laced with violence and profanity, which they previously avoided on television. “Consumers want value for money and time,” says Vikram Malhotra, CEO of leading producer Abundantia Entertainment.
Netflix is pursuing customers in India. A monthly mobile-only plan priced at 149 rupees ($2) now costs up to 60% less than it did previously. Over 50 Hindi-language films and television series have been produced at a cost of more than $400 million.
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