India’s video streaming market recorded a high growth with many new players testing waters in recent years. Thanks to the growing internet access in urban as well as rural areas in the country, online video and music streaming services were picking up pace. Streaming giant Netflix entered Indian market as part of its global rollout in 2016, and recorded a revenue of over 15 billion Indian rupees in fiscal year 2021.
The global growth of Netflix
Netflix’s global net income saw increasing revenues in recent years. The number of streaming subscribers for the company continued to grow in recent years as well. As for the Indian market, it was projected that there would be over 2.3 million Netflix subscribers by 2020.
Free content versus subscriptions
In terms of active monthly users of streaming platforms, Netflix ranked much lower compared to the Indian streaming services like Hotstar and Jio TV. A possible reason for this could be the reluctance among Indians to pay for streaming services. In a 2017 survey regarding people’s spending choice on digital video streaming platforms, preferring advertising-based offers for online video content. Video streaming services including Netflix, Amazon Prime Video and Hotstar had been pitted against more than 30 Indian rival companies, most of which provide content in regional languages, making it harder to break through the market.
Revenue of Netflix India from financial year 2018 to 2021
(in billion Indian rupees)
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exchange4media. (November 6, 2021). Revenue of Netflix India from financial year 2018 to 2021 (in billion Indian rupees) [Graph]. In Statista. Retrieved June 29, 2022, from https://www.statista.com/statistics/612276/netflix-streaming-revenues-india/
exchange4media. "Revenue of Netflix India from financial year 2018 to 2021 (in billion Indian rupees)." Chart. November 6, 2021. Statista. Accessed June 29, 2022. https://www.statista.com/statistics/612276/netflix-streaming-revenues-india/
exchange4media. (2021). Revenue of Netflix India from financial year 2018 to 2021 (in billion Indian rupees). Statista. Statista Inc.. Accessed: June 29, 2022. https://www.statista.com/statistics/612276/netflix-streaming-revenues-india/
exchange4media. "Revenue of Netflix India from Financial Year 2018 to 2021 (in Billion Indian Rupees)." Statista, Statista Inc., 6 Nov 2021, https://www.statista.com/statistics/612276/netflix-streaming-revenues-india/
exchange4media, Revenue of Netflix India from financial year 2018 to 2021 (in billion Indian rupees) Statista, https://www.statista.com/statistics/612276/netflix-streaming-revenues-india/ (last visited June 29, 2022)