Netflix saw a 25% rise in revenue and a 30% increase in engagement and watch time, said Co-Chief Executive Officer Ted Sarandos during his recent visit to India.
He further said that the Indian market witnessed the fastest growth in 2022 and the country’s paid subscription in numbers was the highest in the world.
The Co-CEO also said that Netflix has not yet planned to roll out advertising in India in 2023.
According to media reports, Sarandos said, “So far, only 12 markets have rolled out advertising-driven model along with the existing subscription format."
While globally Netflix is actively trying to convert the shared password model to real accounts to generate revenue, in India, the company is ‘’nudging’’ people towards that. "We are trying to send out a message that personalisation is better when you are not sharing the password,’’ Sarandos shared with media.
At the Economic Times Global Business Summit last week, Sarandos said there will be a continued investment push in the Indian market and it will receive a larger share of the platform’s $17 billion budget.
On Friday, Sarandos also met Information and Broadcasting Minister Anurag Thakur. During his meeting, he informed the I&B minister that Indian regional content was the most viewed content globally, apart from being dubbed in dozens of languages.
Meanwhile, Union minister Anurag Thakur emphasised the expansion of the creative economy and how India had emerged as a content and post-production hub, backed by the talent of the citizens.