SUMMARY
Netflix is reportedly planning to change its content strategy to focus more on tent-pole films to add new subscribers
The streaming platform has cancelled some original shows in the development and shooting stage as it doesn’t see these bets paying off
Despite its struggles in the country, Netflix co-CEO Ted Sarandos recently said that India is the fastest-growing market for the company
Disappointed with the subdued performance of its Indian originals, streaming giant Netflix is reportedly planning to change its content strategy to focus more on tent-pole films to gain new subscribers and retain existing ones.
Indian films such as RRR and Gangubai Kathiawadi have been a hit on the platform. Besides, Indian films also regularly feature in Netflix’s global non-English top 10 weekly lists. Meanwhile, no Indian original series has made it to this list lately.
The streaming platform has cancelled some original shows in the development and shooting stage as it doesn’t see these bets paying off, Mint reported.
Also read: Netflix’s India Glitch
The Indian content budget has gone down by 35%-40%, the report said citing industry insiders.
“There has been a de-escalation of India in the global scheme of things, and the sense is that a lot of local originals are not meeting quality standards,” a senior film producer was quoted as saying in the report.
Netflix is increasingly following its rival Amazon Prime Video’s strategy of betting big on the biggest movie titles.
Although Netflix is struggling to crack the right positioning in India, its co-CEO Ted Sarandos recently said the country is the fastest-growing market for the company.
Sarandos added that Netflix saw a 30% increase in engagement and watch time and a 25% rise in revenue in 2022 in India.
He also said that Indian films RRR and Gangubai Kathiawadi, both streaming on Netflix, were breakout successes in western markets.
According to the company, RRR drew over 73 Mn hours of watch time within the first four weeks of its release on Netflix. Similarly, Gangubai clocked more than 50 Mn hours in the first six weeks of its release.
Other than international rivals such as Amazon Prime Video and Disney+Hotstar, Netflix competes with domestic players such as Zee5, Voot, and MX Player, as well as regional players like Hoichoi and Aha, in India.
According to a report by RBSA Advisors, India’s video OTT market is expected to reach a size of $12.5 Bn by 2030 from about $1.5 Bn in 2021 on the back of access to better networks, digital connectivity and smartphones.
