Netflix, despite significant established local competition, is performing well in India.
The streaming service now has more than 1.5 million subscribers in India, and in the financial year to March 2019 saw a rise in revenues – albeit from a low base – of 87 per cent. This translates to a modest $72,000, on overall revenues of $6.5 million.
“A combination of factors including original content for India, partnership with Airtel for better access to market and fixing payment issues helped Netflix,” said Mohit Yadav, founder of market research specialists Veratech. “All this combined with new low cost-based variants for a price-sensitive Indian market is the reason behind Netflix’s phenomenal growth.”
Vertach told India’s Economic Times that the number of digital video viewers in India continues to grow as cheap data plans flood a country of 1.3 billion people, say experts. The country currently has more than 300 million online video viewers, and it’s expected to reach 550 million by 2023. There are currently 39 companies offering video streaming services, up from nine in 2012.