New Delhi : After investing Rs 3,000 crore in the past two years, global entertainment major Netflix plans to invest more in India amid growing and intense competition in streaming industry.
Netflix’s CEO Reed Hastings said that investing more in Indian market is a priority for the OTT platform.
“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,” he said.
“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,” said Hastings in an interview with Business Today’s Global Business Editor Udayan Mukherjee.
He said 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.
Industry estimates suggest more than 50 lakh paid subscribers have placed their faith and their money on the OTT platform.
Yet, Netflix faces a strong challenge from rivals including television broadcasters owning OTT platforms, regional OTT platforms that have niche, local content, and other players including free video viewing platforms.
Hastings said Netflix’s journey in India has been harder than was initially anticipated. However, he highlighted 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 is also focussed on providing greater affordability to Indian subscribers.