{"id":1244812,"date":"2023-04-20T09:09:31","date_gmt":"2023-04-20T03:39:31","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1244812"},"modified":"2023-04-20T09:10:04","modified_gmt":"2023-04-20T03:40:04","slug":"netflix-reduces-subscription-charges-for-23-crore-users-across-116-countries-inspiration-was-cheaper-plans-for-india","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/netflix-reduces-subscription-charges-for-23-crore-users-across-116-countries-inspiration-was-cheaper-plans-for-india\/","title":{"rendered":"Netflix Reduces Subscription Charges For 23 Crore Users Across 116  Countries: Inspiration Was Cheaper Plans For India!"},"content":{"rendered":"\n<p>Netflix has cut subscription prices in 116 countries following the success of its business model in India.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-6-1-1-1-1280x720-1-1024x576-1.jpeg\" alt=\"Netflix Reduces Subscription Charges For 23 Crore Users Across 116  Countries: Inspiration Was Cheaper Plans For India!\" class=\"wp-image-1244821\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-6-1-1-1-1280x720-1-1024x576-1.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-6-1-1-1-1280x720-1-1024x576-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-6-1-1-1-1280x720-1-1024x576-1-768x432.jpeg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Customer engagement and revenue growth<\/strong><\/p>\n\n\n\n<p>It has achieved a 30 per cent growth in customer engagement and 24 per cent revenue growth year-on-year in India after it launched a cheaper plan here.<\/p>\n\n\n\n<p>It had, for the first time, reduced subscription prices in the range of 20-60 per cent to appeal to the Indian market.<\/p>\n\n\n\n<p><strong>India a \u201cbig prize\u201d<\/strong><\/p>\n\n\n\n<p>Ted Sarandos, co-CEO, said during an earnings call, &#8220;India is a big prize because it\u2019s an enormous population of entertainment-loving people and we have to have the product they love.&nbsp;<\/p>\n\n\n\n<p>So we are doing the creative part and getting the pricing better and there\u2019s always lots of promise to continue to grow in India.&nbsp;<\/p>\n\n\n\n<p>It is a very specific market in terms of (the fact that) they like local content, but also you are seeing their local content is travelling more than ever.&#8221;<\/p>\n\n\n\n<p>He highlighted the <a href=\"https:\/\/www.livemint.com.\/companies\/company-results\/india-a-big-prize-says-netflix-as-engagement-up-30-revenue-rises-24-in-2022-11681890147092.html\">success <\/a>of local content such as RRR and Gangubai Kathiawadiand said, &#8220;We can do quite well in India. We are a long way from that, we are still investing in it and I think that we will ultimately do great in India.&#8221;<\/p>\n\n\n\n<p><strong>Price reduction<\/strong><\/p>\n\n\n\n<p>Taking cues from the success of lower pricing in India, the company in Q1 reduced prices in 116 more countries.<\/p>\n\n\n\n<p>Learning from this success, we reduced prices in an additional 116 countries in Q1,&#8221; Netflix said in its earnings report for March 2023 quarter.<\/p>\n\n\n\n<p>&#8220;These reductions &#8212; combined with an improved slate &#8212; helped grow engagement in India by nearly 30 per cent year-on-year while F\/X (forex) neutral revenue growth in 2022 accelerated to 24 per cent (versus 19 per cent in 2021).&nbsp;<\/p>\n\n\n\n<p>The countries where it slashed the price contributed less than 5 per cent to its total revenue during financial year 2022.<\/p>\n\n\n\n<p><strong>Prioritise adoption over revenue<\/strong><\/p>\n\n\n\n<p>&#8220;We believe that increasing adoption in these markets will help to maximize our revenue in the longer term,&#8221; the company said.<\/p>\n\n\n\n<p>Global net income declined by about 18 per cent to $ 1,305 million in the quarter ended March 2023 from $ 1,597 million in the same period a year ago.<\/p>\n\n\n\n<p>Revenue however, grew 3.7 per cent to $ 8,162 million during the reported quarter from $ 7,868 million in the March 2022 quarter.<\/p>\n\n\n\n<p>Paid membership globally grew 4.9 per cent on YoY basis to 232.5 million.<\/p>\n\n\n\n<p><strong>Forecasts<\/strong><\/p>\n\n\n\n<p>The company expects its net income to slump by about 1.6 per cent to $ 1,283 million in the April-June 2023 quarter.<\/p>\n\n\n\n<p>It forecasts its revenue to increase by 3.4 per cent to $ 8,242 million.<\/p>\n\n\n\n<p><strong>Ad-based plans<\/strong><\/p>\n\n\n\n<p>While it was earlier against ads on its platform, it has now started advertisement-based plans with lower subscription price points compared to its initial plans.<\/p>\n\n\n\n<p>&#8220;Engagement on our ads tier is above our initial expectations and, as expected, we&#8217;ve seen very little switching from our standard and premium plans,&#8221; Netflix said.<\/p>\n\n\n\n<p>Upcoming Indian content on the platform includes period drama Heeramandi, Zoya Akhtar\u2019s The Archies, returning seasons of Delhi Crime, Mismatched, The Fabulous Lives of Bollywood Wives, Kota Factory, and She besides originals with Kareena Kapoor Khan and Anushka Sharma.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Netflix has cut subscription prices in 116 countries following the success of its business model in India. Customer engagement and revenue growth It has achieved a 30 per cent growth in customer engagement and 24 per cent revenue growth year-on-year in India after it launched a cheaper plan here. It had, for the first time, [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1244821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[183],"class_list":["post-1244812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-netflix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Netflix Reduces Subscription Charges For 23 Crore Users Across 116 Countries: Inspiration Was Cheaper Plans For India! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/netflix-reduces-subscription-charges-for-23-crore-users-across-116-countries-inspiration-was-cheaper-plans-for-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Netflix Reduces Subscription Charges For 23 Crore Users Across 116 Countries: Inspiration Was Cheaper Plans For India! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Netflix has cut subscription prices in 116 countries following the success of its business model in India. 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It had, for the first time, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/netflix-reduces-subscription-charges-for-23-crore-users-across-116-countries-inspiration-was-cheaper-plans-for-india\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-20T03:39:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-20T03:40:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/04\/Untitled-design-6-1-1-1-1280x720-1-1024x576-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shreya Bose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shreya Bose\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/netflix-reduces-subscription-charges-for-23-crore-users-across-116-countries-inspiration-was-cheaper-plans-for-india\/\",\"url\":\"https:\/\/trak.in\/stories\/netflix-reduces-subscription-charges-for-23-crore-users-across-116-countries-inspiration-was-cheaper-plans-for-india\/\",\"name\":\"Netflix Reduces Subscription Charges For 23 Crore Users Across 116 Countries: Inspiration Was Cheaper Plans For India! 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