Amid growing, intense competition in the streaming entertainment industry, global entertainment major Netflix revealed its plans to invest more in India. In an exclusive interview with Business Today’s Global Business Editor Udayan Mukherjee to be aired on the Business Today Show, Netflix’s CEO Reed Hastings makes it clear that investing more in this market is a priority for the OTT platform. The company has already pumped in Rs 3,000 crore in the past two years to develop original programming, particularly focused on local content, and more investments are in the offing.
India as a market is witnessing explosive growth in video content viewership over the past couple of years – partially propelled by people having to stay home because of the COVID-19 pandemic. Netflix has emerged as one of the prime contenders for the consumer’s wallet during this time. Over the past five years, the brand has established instant recall in the mind of the Indian consumer. Industry estimates suggest more than 5 million paid subscribers have placed their faith, and their money, on this OTT platform. Yet, Netflix faces a strong challenge from rivals including television broadcasters owning OTT platforms, regional OTT platforms that have a niche, local content, and other players including free video viewing platforms.
Hastings highlighted that Netflix’s journey in India has been harder than was initially anticipated, but he revealed the company’s determination to overcome those challenges through its continued commitment to the Indian market and simply by investing more. He also highlighted that Netflix, which has strong premium imagery in the consumer’s mind, is also focused on providing greater affordability to Indian subscribers.