US-based online video streaming service provider Netflix has reportedly leased a 1.5 Lakh sq ft space in Bandra-Kurla Complex (BKC), Mumbai to set up its India headquarters.
This development comes in after media reports in October stated that the company has plans to double its employee count in the country within the next six months.
Quoting unnamed sources, media reports stated that Netflix has rented the space in commercial tower Godrej BKC for a lease of nine years. The new Indian office will be spread across two floors. The video streaming platform will be reportedly paying a rent of $6.8 Mn (INR 47.70 Cr) annually.
In India, currently, the platform has an office located in North Avenue, Maker Maxity in BKC, with a team of 40 employees.
Related Article: Netflix Tests Cheaper Mobile-Only Subscription Plans In India
The company which had launched its operations in India back in 2016 has been focusing on the market this year as it records surge in users. Further, it has also reportedly clocked in a revenue of $8.2 Mn (INR 58 Cr) for FY18.
In October when the company revealed its Q3 results, reports showed that India became the third largest market of Netflix subscribers after US and Brazil.
Further, in order to be in good terms with the Indian government, Netflix along with other online video streaming players such as Hotstar and Reliance Jio are signing a voluntary censorship code.
Under this process, the companies will not be allowed to show any content that has been banned by Indian courts, disrespects the national flag or emblem, promotes violence or hurts religious sentiments.
Recently, Netflix CEO Reed Hastings said that the company has ruled out introducing any cheap subscription plans in the country as he believes that the Indian audience has no issues with the company’s pricing.
Netflix is looking to strengthen its position in the growing Indian video market. According to a report by PricewaterhouseCoopers (PwC), India will be the 10th largest market for online video in terms of revenue by 2022.
Another report by FICCI – EY, predicts that the over-the-top (OTT) subscription in India may reach $285.8 Mn (INR 2000 Cr) ) by 2020.
[The development was reported by ET]