Netflix is betting big on India

Bengaluru, 22 January Global streaming giant Netflix is betting big on India to drive its future growth and measures like slashing of prices will increase its subscribers' base in the country.

In an investor call, Netflix's cofounder, president and co-CEO Reed Hastings said that the lack of success in the Indian market is "frustrating" but added that the company is "definitely leaning in there".

In December last year, the global streaming giant had slashed pricing to make its services attractive for a wide spectrum of consumers.

"In our experience in Brazil, it was brutal for the first couple of years. We thought we would never break even. I know we have got this great business. The great news is that in every single other major market, we've got the flywheel spinning. The thing that frustrates us is why haven't we been as successful in India, but we are definitely leaning in there," Hastings said.

Despite being the first OTT player to launch services in India, Netflix is lagging in terms of subscribers' base as compared to its peers. Disney+ Hotstar leads the race followed by Amazon Prime Video. The OTT space is increasingly facing stiff competition with the entry of new players.

Shares of Netflix tumbled in recent days as the company said it would add about 2.5 million new subscribers in the current quarter, which is one of the lowest such projection of the firm.

The company counts India and Japan as its key markets to drive its subscribers numbers in the coming quarters.