AMERICAN STREAMING GIANT Netflix sees India as a "big prize", its co-CEO Ted Sarandos said on Wednesday in an earnings call, following the release of its financial numbers for the March 2023 quarter (Q12023). Netflix follows a January-December accounting year.
Consumer engagement and revenue in India rose nearly 30% and 24% year-on-year for Netflix in 2022 respectively, the company said, following a cut in India subscription rates by 20-60% in December 2021.
To put things in perspective, Netflix, regarded as a premium service in India, cut prices in order to reach more people during December 2021. According to industry experts, Netflix is estimated to have a subscriber base of around 6 million in India, while rival Amazon Prime Video is estimated to have a subscriber base of around 20 million. Paid subscribers of Disney+ Hotstar, according to its results for December quarter, stands at 57.5 million, analysts said.
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