Netflix might lower subscription charges to get more Indian customers
Video-on-demand platform Netflix is planning to experiment with pricing models to boost its presence in India and might even consider lowering subscription plans to rope in more customers. The move, if carried out, would make sense in terms of boosting growth - Netflix subscriptions in India start at Rs. 500 per month, by far India's most expensive video-on-demand service. Here's more.
"We are just getting started in India. We will experiment with other pricing models and see how that does in terms of being able to accelerate our growth and get more access," said Greg Peters, the chief product officer of Netflix.
The move comes at a time when India's video streaming market, currently dominated by low cost video-on-demand services Hotstar and Amazon Prime Video, is just starting to mature. However, according to PricewaterhouseCoopers, India's video streaming market is expected to grow at a CAGR of 22.6% to become one of the world's top ten by 2022 with revenues of Rs. 5,595cr.
The move also comes at a time when Netflix is planning on investing a whopping $8bn on original content for India this year. Among them, Sacred Games and Ghoul have already been released, and have enjoyed considerable success. Reportedly, nine more original series have been commissioned. Apart from original content, Netflix is also exploring possibilities of making regional language shows, and bundling partnerships.
Given its ambitions in India, Netflix, unsurprisingly, is hiring in India. The video-on-demand service is looking to double its employee headcount in India from the current 30, to 60 in the coming months. Reportedly, hiring will happen across departments.
