IT CAN BE very easy to look at India and say, Wow, 1.4 billion people! If I can capture just 1% of that market, I'm gonna get 14 million customers. Sign me up!
For technology companies, at least, it would be misguided.
That appears to be what Netflix is finally discovering. Yes, India just surpassed China as the world's most populous country, according to the United Nations. But it's a nation characterised by massive price sensitivity. In other words, only a relatively small fraction of the population is willing to pony up meaningful cash for a Netflix subscription.
The numbers tell the story. While it's been slowly inching prices higher throughout much of the world to offset at times stagnating has viewer growth, Netflix decreased them in India. Back in 2020, Netflix was charging the equivalent of $6.67 (around ₹560) a month for a basic subscription in the country.
This story is from the August 22, 2023 edition of Financial Express Mumbai.
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This story is from the August 22, 2023 edition of Financial Express Mumbai.
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