During a conference call with investors, Hastings said, “Almost every other large market has the flywheel churning, and so do we. We are disappointed that we have not yet achieved the same level of success in India.” Netflix hasn’t had much of an impact in India, and the company’s lack of success in the country is “frustrating,” according to Reed Hastings, co-founder, president, and co-CEO of the streaming behemoth. He did, however, state that the corporation is “certainly leaning in that direction.”
Hastings said the following on an investor conference call on Thursday, January 20: “Almost every other significant market has the flywheel churning, and so have we. We are disappointed that we have not yet achieved the same level of success in India.” His comments come only a few weeks after Netflix announced a pricing reduction in India. After entering the Indian market in 2016, the California-based streaming giant dropped its fees by 25 percent in December 2021, marking the first time that it has done so since then.
In addition, Hastings highlighted that “cable is a distinctive feature of India,” noting that “it costs around $3 (Rs 223) per month per family, which is a fundamentally different price structure than the rest of the globe, which has an influence on customer expectations.” Netflix Chief Operating Officer Greg Peters also noted that it was the perfect moment to lower rates in India as the company evaluated its actions to broaden its services.
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“While we will see a decline in ARM (average revenue per member) as a consequence of the price reductions, we will make up for it by increasing the number of subscribers (additions).” A significant surge in paid subscribers in India and Japan helped Netflix win 2.58 million new paid customers in the Asia Pacific region in the fourth quarter of 2021, marking the company’s largest subscriber gains in more than a year and the company’s best quarter in over a year.