In its first year as a corporate entity in India, online video streaming platform and content production company Netflix has turned profitable. The company has been present in India since January 2016 as a streaming service and content provider, but established a limited liability entity in India only in April 2017. For the financial year 2017-18, the company has turned a slight profit.
According to ET, Netflix returned a net profit of just over Rs 20 lakh for the financial year ending in March 2018. The company reported a revenue of over Rs 58 crore, according to statutory filings. However, the report further states that the numbers reflect financial figures from September 2017, when the transfer from the previous Singaporean entity went through.
Although the streaming service has been present since the start of 2016, the service was still operating abroad with accessibility in India. Last year, Netflix opened up operations in India and started commissioning and creating content out of the country as a content production house. Some of these productions include Sacred Games (starring Saif Ali Khan and Nawazuddin Siddiqui), Ghoul (starring Radhika Apte), and the upcoming show The Bard of Blood, based on the 2015 novel of the same name.
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The streaming service continues to work well despite its high pricing in India (as compared to competitor rival platforms), purely on the strength of Netflix’s global content, which include shows such as Narcos, House of Cards, and Stranger Things to name a few. However, the company has switched its strategy to produce more India-specific content in order to win over more customers in India.