Netflix India revenue up by 700%, on the back of strong local content, India-specific pricing to give further boost

• Netflix India has reported a record growth of 700% for the year 2018-2019.
• Netflix has a massive advantage over its competitors when it comes to access to the diverse media library, says Mohit Yadav, Founder, Veratech.
• Its ability to adapt itself to the Indian market is one of its core strength.

Netflix India has reported a record growth of 700% for the year 2018-2019, according to its financial filing with the registrar of companies sourced from Veratech Intelligence. It has recorded Rs 466.70 crore as revenue for FY19 and a net profit of Rs 5.1 crore.

With the coming in of cheap data, the market has been flooded with OTT platforms including Hotstar and Amazon Prime Videos that are available at a cheaper price point. However, Netflix has been able to grow its business in India owing to its continuous focus on coming up with local content and its marketing blitzkrieg that has helped it rope in more subscribers.

Owning to how price sensitive the Indian market is, Netflix had also announced a mobile plan with the aim of broadening its reach.

Speaking about the factors that have given Netflix a push in India, Mohit Yadav, Founder, Veratech says, “The metric from user perspective that matters in OTT industry is the size of the media library. Netflix has a massive advantage over its competitors when it comes to access to the diverse media library.”

Presenting users with original content that would work well for an Indian audience has also helped Netflix gain a stronghold. Yadav adds, “Netflix's ability to adapt itself to the Indian market is one of its core strength. They have made significant investments in acquiring and creating original programming attuned to Indian customer's preferences. This along with rolling out India specific pricing has helped them expand aggressively.”

According to industry estimates, Netflix India roughly had 1-1.2 million as of March 2019, which would have further received a boost after it introduced its mobile plan. As more and more consumers keep coming onto the OTT bandwagon, the race for coming up with more original content to target users will only keep on heating up, and it’s a definite win-win for the consumers.