In what should come as welcome news for Netflix lovers, the streaming service has hinted that it may soon introduce cheaper plans in India.
In what should come as welcome news for Netflix lovers, the streaming service has hinted that it may soon introduce cheaper plans in India. The company’s chief product officer Greg Peters said during Tuesday’s earnings call that they have just started in India and with the prices they have, there is still a long way to go. “And then to the question on pricing, what I would say is we’re just getting started in India. And we feel like with the existing model that we have, the prices that we’re at, we’ve got a long runway still ahead of us,” he said, in response to a query.
Peters added that the company is open to experimenting with price models, not only for India but also for other countries. He said that the new pricing could be less than what the company currently offers and added that it will allow Netflix to broaden the access.
“We increased our partnerships, we’re improving the product experience. Now we’ll experiment with other pricing models, not only for India, but around the world, that allow us to sort of broaden access by providing a pricing tier that sits below our current lowest tier. And we’ll see how that does in terms of being able to accelerate our growth and get more access. But even under the existing model, we feel like we have a long, long runway ahead of us in India,” he said.
Netflix is currently the most expensive streaming service in India. It has three existing plans in the country priced at Rs 500, Rs 650 and Rs 800 per month. The Rs 500 plan is for a single screen while Rs 650 plan offers HD content. On the other hand, Amazon Prime offers annual subscription in India at Rs 999 and also has a Rs 129 per month plan.
Wilmot Reed Hastings, Co-Founder, Chairman, President & CEO of the company divulged that Netflix also plans to expand beyond English and produce Hindi and regional language content in India.
“We’ll go from expanding beyond English into Hindi and then into many more languages, more pricing options, more bundling. All of those things are possible. There’s over 300 million mobile phone subscriptions – or households, there’s almost twice that in mobile phone subscriptions. So there’s a huge market and people in India, like around the world, love watching television,” he said, adding that Netflix will take a million at a time and figure out how to expand the market as the streaming service grows.
Speaking of the success of Sacred Games in India, Netflix’s Chief Content Officer Theodore A Sarandos said the series made the product more local and relevant in the country.
“We had incredible success with Sacred Games followed it up right away with Ghoul and prior to that with a movie called Love Per Square Foot. What it really was able to do was take this product that maybe was less known in India when we launched and make it feel more local, more relevant,” he said.