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Despite a below average financial results for the first quarter of 2022 when it lost 200,000 subscribers globally and a gloomy prediction for the next quarter, Netflix feels its strategies seem to be working in India, which include slashing of subscription prices.
Content streaming platform Netflix, which reduced its subscription prices late last year in India, is witnessing an uptick in user engagement in the country, as it doubles down on creating more localised content.
In a first-quarter earnings call with analysts, Netflix earlier in the week said it has seen nice growth in India after it announced in December that its mobile-only plan would be available at Rs. 149 per month and its entry-level plan at Rs 199 per month, IANS has reported.
“The product fit incorporates subscription prices as well as the willingness and ability to pay. So we have seen a nice uptick in engagement in India. We are definitely taking it in the right direction,” Netflix co-chief executive officer (CEO), Ted Sarandos said late on Tuesday.
According to Netflix chief operating officer (COO) Greg Peters, the subscribers in India are largely behaving similar to the subscribers they have added over the last 12 months.
“So not a fundamental difference. And really, this was a bet in terms of long-term revenue maximisation, which is sort of how we think about the top level, the valuation model we have for these things,” Peters told analysts.
He said that Ted’s team “is doing some incredible work on Indian content, and we saw the slate there”.
“And we’re really excited about a bunch of titles that were coming down and thought there was an opportunity to broaden the audience that got to see those titles,” he explained.
Netflix said it is making good progress in Asia-Pacific (APAC) “where we are seeing nice growth in a variety of markets including Japan, India, Philippines, Thailand and Taiwan”.
The APAC region added 1.09 million paid Netflix members in the region in Q1 2022.
According to Netflix chief Reed Hastings, the company is working on ways to monetise password sharing.
“There are over 100 million households that already are choosing to view Netflix. They love the service. We just got to get paid to some degree for them,” he said.
