Netflix Announces ₹3000 Crore Investment on Content in India
If India’s position as one of the world’s biggest and most lucrative digital entertainment markets wasn’t already obvious enough, it is even more clear now.
Netflix’s CEO, Reed Hastings, has announced that the international streaming giant is on track to spend approximately 420 million US Dollars i.e., equivalent to around 30 billion (or 3000 crores) Rupees, towards producing and licensing content in India over this year and the next.
India has become a massive market and the digital entertainment industry is expected to continue its rise over the next few years, as a growing number of people from the country’s 1.3 billion population find themselves spending more and more time on the internet. In a bid to appeal to India’s massive middle-income group and widen its reach, Netflix has kept its subscription rates to the medium-to-low range, and just this year, introduced a low-cost mobile-only plan as well, which is currently available only in India and Malaysia.
Netflix has produced and procured dozens of web series and feature films in India, and its first original, Sacred Games, had taken the country by storm. Seeing a massive potential in India, Netflix continues to bet heavily on the country, despite the intense competition, owing to the presence of several international and national streaming platforms fighting to take a bigger share of the pie.
According to Hastings, Indian-origin shows on the platform, such as Sacred Games, and Delhi Crime, are also getting traction worldwide. Giving an example of the Mighty Little Bheem, the chief executive stated that more than 27 million households across the world are now watching the kids’ animation show.
Netflix’s mammoth-sized investment is becoming the talk of the town and is sure to create some ripples across the industry, as other players, national and international, will soon be seen trying to stretch their budgets in order to give a tough fight to Netflix.
Hastings also commented that the next 5 to 10 years will be the golden age of television with unbelievable levels of investments being poured into producing content. At the Hindustan Times Leadership Summit, Hastings said, “We are only getting started here…“, assuring that the game has only just begun.
Netflix’s current plan includes building a strong Hindi and English content base, and then venturing step by step into regional and vernacular languages such as Tamil, Telugu, etc. Having set India as a priority, Netflix is surely aiming to get bigger.