The US-based online video streaming company Netflix sees the potential to increase its customers In India.
CEO of Netflix, Hastings suggested it in a panel discussion at the ET Global Business Summit hosted by Ronnie Screwvala.
In terms of globalization, he added that for a country like India to grow into $10 trillion economies, the community needs to understand each other. Netflix content is working for that cause.
He gave the example of a recently released movie ‘Love per Square Foot’ produced in India. It did well not just in India but across the US, UK, and Mexico. This is the global sharing of content.
Netflix is focusing more on local content to add to its growth in India. It is about to roll out Sacred Games as the first Indian original series. The company also announced that it will include Ghoul, Crocodile, and Leila as Indian original productions. Four productions are already in process.
Netflix has 120 million global audiences.
In a statement, Reed Hastings said,” “Even we could not predict the last two years of Internet growth in India. It is the most phenomenal example of anywhere in the world in terms of lower data cost, more people coming online, expansion of 4G. We didn’t see that coming and we just got lucky on that one.”
Reliance started Jio its 4G services in India in 2016. Since then, the video streaming services have grown to a huge pace. The market is expected to increase 5 times ($1.6Bn) by 2020.
The major competitions of Netflix in India are Amazon Prime, Hotstar, Eros Now, Viacom 18 Balaji Telefilms, TVF and Voot among others.
Netflix is ad-free. As per the plan, it costs Rs.500 to 800 a month. It is very much high as compared to cable TV services in India.