India also ranked third in terms of revenue percent growth for the streaming giant during the second quarter of 2024
Netflix saw the addition of 8.05 Mn subscribers, out of which 2.83 Mn came from the Asia-Pacific region, including India
Netflix’s overall revenue surged 16.8% year-on-year in Q2 of 2024 to $9.56 Bn, of which $1.05 Bn came from the APAC region
India emerged as the second biggest market for streaming giant Netflix in terms of paid subscriber additions for the quarter ended June 2024, on the back of robust content catalogue in the country.
Further, India also ranked third in terms of revenue percent growth for the streaming giant during the second quarter of 2024, the company said in a letter to its shareholders.
However, Netflix did not reveal the exact subscriber or revenue figures for the Indian market.
“I think India’s growth is a story that we see around the world playing out very similarly. So you look at the content, the product market fit is what drives our ability to attract members and retain members and monetise with them as well,” said Theodore A Sarandos, co-CEO, president and director of Netflix, in the post-earnings call.
Globally, Netflix saw the addition of 8.05 Mn subscribers, out of which 2.83 Mn came from the Asia-Pacific region, including India.
Netflix’s overall revenue surged 16.8% year-on-year in Q2 of 2024 to $9.56 Bn, of which $1.05 Bn came from the APAC region.
The announcement comes at a time when Netflix is facing intense competition in the over-the-top (OTT) video streaming market from both global and domestic players.
With Reliance and Disney entering into a joint venture, combining the businesses of Viacom18 and Star India, which includes Jio Cinema and Disney+ Hotstar, the new entity is expected to disrupt the OTT market, with an estimated 34% market share.
It is pertinent to note that Netflix slashed prices across all subscription plans in a bid to drive subscriber growth in India. Further, the streaming giant has also clamped down on password sharing, and expanded its library in the country.
It is pertinent to note that Netflix’s India arm, Netflix Entertainment Services India LLP, posted a 75% jump in its net profit to INR 35 Cr in the financial year 2022-23 (FY23) from INR 20.13 Cr in FY22.
Revenue from operations grew 24% to INR 2,214 Cr during the year under review from INR 1,784 Cr in FY22.
Recently, the OTT major teamed up with Vodafone Idea to offer prepaid tariff plans bundled with a subscription for Netflix.
