India Climbs To Second Spot For Netflix In Paid Subscriber Additions

India Climbs To Second Spot For Netflix In Paid Subscriber Additions

SUMMARY

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.

 

Step up your startup journey with BHASKAR! From resources to networking, BHASKAR connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

India Climbs To Second Spot For Netflix In Paid Subscriber Additions-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

India Climbs To Second Spot For Netflix In Paid Subscriber Additions-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

India Climbs To Second Spot For Netflix In Paid Subscriber Additions-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

India Climbs To Second Spot For Netflix In Paid Subscriber Additions-Inc42 Media
India Climbs To Second Spot For Netflix In Paid Subscriber Additions-Inc42 Media
You’re in Good company