There s no denying the fact that Netflix has radically transformed the way we watch movies and TV series. Undoubtedly the most-popular streaming media platform out there, Netflix boasts a vast library of digital content, including many original shows.
With around 58 million subscribers in the United States alone, Netflix s global subscriber count stands at 137 million. The company now plans to increase its foothold in Asian markets, with India being a key element of its overall growth strategy.
Asia s young a and increasingly digital population presents an incredible opportunity to ramp up the company s international subscribers, Ted Sarandos, Chief Content Officer, Netflix, was quoted as saying by a CNBC report.
He further added that Netflix has very specific initiatives for each kind of territory within the region, and India will be the chief among those regions. In fact, the streaming service plans to add 100 million subscribers in India alone.
If you think about the opportunity, there s about 450 million internet users in India and about half of them are watching YouTube and services like that, which makes for a very interesting, addressable market, said Sarandos.
That said, Netflix isn t the only one vying for streaming subscribers when it comes to India. Even though it s quite popular in the country and has been available for a while, Netflix continues to face stiff competition from competing streaming platforms like Amazon Prime Video and homegrown Hotstar.
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To solve that problem, Netflix will be focusing more on locally producing original content that audience in the country can better relate to. As per the CNBC report, the company plans to produce as many as 100 original projects within the region in the coming years.