Netflix's big bet on India, all you need to know

Netflix aiming big: Netflix's bold ambitions in India's booming streaming market paint a promising picture of growth and innovation. With revenue soaring by 24 per cent to Rs 2,214 crore in FY23 and net profit rising by 75 per cent, hitting Rs 35 crore, the platform is clearly on a trajectory of success. Fuelling this surge is Netflix's affordable subscriptions and its ever-expanding library of captivating content. 

The streaming giant isn't stopping there. Setting the bar high, Netflix aims to add over 100 million Indian subscribers in the coming years, capitalising on the country's staggering 800 million internet users. Key to this strategy is its relentless focus on local content.

According to a report by EY and FICCI, for the period between January and June 2023, India was the 10th largest contributor to Netflix’s Global View Hours.  The report says that Netflix has continued doubling down on its local content and this is leading to Netflix's popularity in India. India was the 10th largest contributor to Netflix’s Global View Hours. And around 50 per cent YOY growth was witnessed in south Indian language content.

Beyond just numbers

With Indian films and web series racking up an impressive 111 awards in 2023, it's clear that the platform's investment in local storytelling is paying off. Balancing between high-impact blockbusters and high-volume offerings, Netflix recognises the diverse tapestry of India's audience. “Content in India is of two types - one, the high-impact content like movies - the bigger, the larger, the better. The second is high-volume content, where the volume itself delivers viewership at a low cost. And India is a country where a few people are rich and many are not, the content strategy must straddle both these content types,” Ekta Kapoor of Balaji Telefilms said. Yet, the road to dominance is not without its challenges. Rivals like Amazon Prime are nipping at its heels, boasting a robust 60 per cent of localised content compared to Netflix's 12 per cent. Nevertheless, Netflix's global success with Indian content, consistently ranking in the top non-English titles, is a testament to its winning formula.

“Amidst a challenging landscape ridden with pricing pressures and consolidation, we can expect continued original content production for streaming platforms, dominance of sports, increased adoption of AR experiences, and continued focus on UGC and interactive storytelling formats. Television and cinema will adapt to these changing dynamics to stay relevant,” Madhu Bhojwani of Emmay Productions said in the report.

Vocal for Local

The report also showed that 100 per cent of Netflix scripted films from India featured in the Global Top 10 for non-English films. Similarly, 60 per cent of Netflix scripted series from India featured in the Global Top 10 for non-English TV. In addition, around 62 Indian films and series featured in the Netflix Global Top 10 for non-English titles (up from 47 in 2022), 49 of 52 Indian titles featured in the Global Top 10 for non-English films and series for 49 out of 52 weeks.