Video streaming and OTT giant Netflix continues to shore up large investments in the Indian market while keeping an eye out for changes in demographics. In fact, the co-founder of Netflix Reed Hastings said that the company is “still figuring out things in India”. According to Hastings, India’s market is unpredictable but it holds tremendous potential for future growth. Making a large investment in the country can be risky, but for the moment Netflix is focused on getting broader content that suits the tastes of Indian viewers. As of November 2020, Netflix had more than 4.6 million paid subscribers in the country, which has surely increased now. Talking about the global scenario, the subscriber base is almost over 200 million for this highly popular streaming platform.
Netflix Plans On Releasing 40+ Original Streaming Content in 2021
Hastings also said that the current situation in India is very similar to the situation in South Korea and Japan around 5 years ago. The market is unpredictable and very speculative, which means that Netflix has to work hard to gain a large market share here. In 2021, the OTT platform is planning on releasing more than 40 original titles on its Indian platform. This is a historical moment as this is by far the biggest line of original content that the platform has ever planned on releasing in India.
Partnering With Reliance Jio Gave Netflix A Fighting Chance
Amazon Prime Video and Disney+ Hotstar are the main competitors of Netflix in the Indian market. Right now, Netflix and Amazon Prime Video are neck and neck – each with the largest market share of 20%. Netflix has also teamed up with well-known mobile data and internet service provider Reliance Jio to provide package deals to the postpaid plan subscribers. The COO of Netflix Gregory K Peters has mentioned that the partnership that Netflix went into with Reliance Jio gave them a fighting chance to reach the key Indian demographic with ease.
Pricing Challenges Ahead of Netflix In The Coming Year
One of the key challenges that Netflix will have to contend with is the low price at which most of its competitors offer subscriptions. The cheapest plan that Netflix has right now costs 199 INR per month, while the Disney+ Hotstar Premium package comes at only 125 INR/month. The only way Netflix can make themselves indispensable to the Indian public is to publish content that is refreshing, engaging and fresh. Their rollout of more than 20 films, TV series, season renewals, comedy specials, etc. is going to keep audiences interested.