Netflix broadens programming investments in India, focuses on getting content fit right

By Hope Hill |

American content platform and production company, Netflix has reportedly announced the plans to broaden its existing content programming in India. As per a statement by Reed Hastings, co-founder, Netflix, the firm is focused on getting content fit right in India, currently deemed as a more speculative investment than South Korea and Japan by the firm.

As per reliable reports, the streaming entertainment service spent close to Rs.3,000 crore on content programming in India over 2019 and 2020. Under its plans to further increase its investments in the country, the firm rolled out its largest programming schedule with over 40 original titles lined up for debut on the platform over the coming year.

In a bid to broaden the user base in India, Netflix is also conducting experiments with regards to subscription charges. Greg Peters, Chief Operating Officer and Chief Product Officer at Netflix stated that the company is continuously focusing on finding a set of plan types with right features and right price points to make the service accessible to a larger population.

Last month the content platform was reported to be piloting a new entry level plan of Rs.299 for select users. The plan would allow the subscribers to watch Netflix content in HD on a single mobile phone, computer screen or tablet at a time.

Netflix’s experiments with the subscription packages comes as a move to fight intense competition from its rivals such as Amazon Prime Video, ZEE5, SonyLIV, Disney+ Hotstar, AltBalaji, which provide their services at much lower price points.

COVID-19 Spike – Netflix Reports Worst Quarter in Eight Years

While the pandemic led to a record growth for Netflix last year with 15.8 million new customers in Q1 2020, the company saw a huge dip in its subscriber base in Q1 2021. According to reliable sources, the firm added 3.98 million subscribers in the first quarter of 2021 against the analyst projections of 6.29 million and the firm’s own forecast of 6 million.

The reason for the slump is cited as the halt in production in 2020 as a result of the fallout from the pandemic. The company was unable to sustain its project schedules as the shooting was either cancelled or postponed amid the virus spread mostly during the latter half of 2020. With lack of new shows and fresh content, the subscriber base dropped down significantly in Q1 2O21. The company has reportedly predicted an addition of just 1 million subscribers in this quarter.

Plans Ahead

The streaming giant plans to splurge $17 billion in cash on programming in 2021, an increase from $12.5 billion spent last year. The new investments will be prioritized outside the U.S., where most of the company’s new customers reside.

For the record, Europe and the MEA became a major market for Netflix with 1.81 million new customers. Asia bagged the position of the second-fastest growing region for the company. The company, as per reliable reports, declared its plan to invest over $500 million on television shows and original movies in South Korea in 2021.



Source Credits:

https://economictimes.indiatimes.com/tech/technology/netflix-focused-on-getting-its-content-fit-right-in-india-co-founder-reed-hastings/articleshow/82175447.cms

https://www.business-standard.com/article/international/netflix-plunges-after-covid-pandemic-boom-shudders-to-near-halt-in-q1-fy21-121042100109_1.html

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