“Over time we’ve adapted our prices to meet local needs and to further deepen our penetration, including lowering prices in India by 20-60 per cent in December 20211. These reductions – combined with an improved slate – helped grow engagement in India by nearly 30 per cent year on year.,” Netflix said during it’s first quarter earnings call.
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Netflix has been trying to break into the price sensitive India market through mobile only tariff plans priced much lower than the regular subscriptions. However, it face stiff completion from players like Amazon Prime and Disney Hotstar that are priced at a fraction of Netflix's regular plans.
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Netflix’s co-CEO Ted Sarandos said, “India is a big prize because it’s in an enormous population of entertainment-loving people and you just have got to have the product that they love and it’s in a product that you can do business with them together.”
Netflix has slashed subscription rates in 116 countries following the success of its business model in India, the company said on Wednesday.