Netflix India faces fierce competition from over 40 streaming services. However, the question remains whether locally produced Bollywood content can provide an advantage over Disney+ Hotstar. Netflix faces competition from Prime Video and Disney+ Hotstar in India.
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According to recent findings, Netflix is lagging behind its competitors Prime Video and Disney+ Hotstar in the Indian streaming market. While Netflix has around 6.5 million subscribers in India, Prime Video has 20 million and Disney+ Hotstar has a dominating 40 million subscribers. A report by AllianceBernstein analysts indicates that only 12% of Netflix's content in India is local, while Prime Video has 60% of its content in domestic languages, which may be a key factor contributing to its significant lead.
Why Netflix’s Bollywood Bet Falls Short in India
Local content is crucial when it comes to connecting with Indian audiences. This is because it not only provides familiarity but also establishes a cultural connection that international content may lack. People tend to prefer things they are familiar with over unfamiliar ones. Despite Netflix's efforts to make its services more accessible and affordable, including a deal with Jio Platforms, India's largest telecom operator, to integrate its streaming service into pay-as-you-go plans, subscriber growth remains sluggish.
Cricket & Content: The Secret of Streaming Success in India
Disney+ Hotstar is currently the market leader in India's streaming industry, thanks to its streaming of high-profile cricket matches such as the ICC Cricket World Cup. This has consistently drawn in millions of live viewers, capitalizing on India's cricket fervor. JioCinema, a newcomer in the industry, has emulated this strategy and intensified the competition. Netflix may consider following suit if it finds an opportunity to do so.
However, Netflix faces a challenge from YouTube, which could potentially be one of its biggest markets in India according to AllianceBernstein analysts. This suggests that the perceived value of streaming platforms is benchmarked against the vast amount of free content available online, rather than just against other paid streaming services.
Netflix’s New Gameplan: Curbing Password Sharing Amid Global Growth Hurdles
Netflix has taken measures to tackle password sharing in India, in order to maintain its revenue streams in the face of global growth challenges. The company's strategy, along with its consistent investment in content, may indicate its efforts to adapt to the unique demands and dynamics of the Indian market. However, the OTT landscape in India is rapidly expanding, with over 40 competitive players and projected growth to USD 13-15 billion over the next decade. This growth is driven by affordable high-speed mobile internet, digital payment adoption, and tailored pricing points by global players. With over half of the population under 30 and diverse content consumption patterns, India is a complex market to penetrate. Global streaming giants need a deeper understanding of local tastes, preferences, and value perceptions to craft a successful strategy in India. As the streaming world takes hold on the sub-continent, it remains to be seen how Netflix, with its rich history of innovation, navigates its challenges and crafts its success story in the Indian subcontinent.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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