After realizing the importance of the Indian market, the US streaming platform Netflix is planning to invest Rs. 3,000 crore, over the next year. This is the first time that the company has announced its investment amount.
“India is one of the world’s leading centers of entertainment and one of the most important countries from which we operate,” Netflix founder and CEO Reed Hastings said in a statement. “The content made in India and watched by the world, Reed highlighted Mighty Little Bheem, which since its release in 2019, has been watched by 27 million households around the world, including in Latin America, Australia, and New Zealand.
We will be investing Netflix Rs. 3,000 crores in content in India,” he added. Apart from that, he informed that currently the company has 100 employees at its Mumbai office and 1000 people are only developing content in the country. He also believes that all foreign players (Amazon, Netflix, Disney+, and Apple+) will invest in India in the coming year. “This will lead to a lot more content catering to all needs and tastes, with binge-watching Indians becoming used to the idea of regularly checking streaming services for their latest offerings,” he added.
For the unaware, currently, the company is offering 40 original shows on its platform for its Indian users. Besides, Netflix is providing four plans in the country, which starts from Rs. 199 and go up to Rs.799. In addition, the streaming app has reported a revenue of Rs. 466.7 crore during the last financial year, as per its filing in the ROC. Even though Netflix offers good content, apps like Hotstar are offering content at a much cheaper price. Hotstar is offering its premium plan at Rs. 365 a year. Besides, Amazon offers Prime services at Rs. 129. So, this clearly shows that why more people are opting for Hotstar and Amazon Prime.