Netflix, finally cave into the pressure of succeeding in India, pushing them to lower the prices of plans in the country. Currently, users pay Rs 500 for the standard plan, going up to Rs 800 for the ultra-definition (4K) package, letting four users access the same account.
This, compared to Amazon and Hotstar’s Rs 999 annual pack dithers everyone from subscribing, especially when both these platforms charge under Rs 200 for their respective monthly plans.
Netflix has been repeatedly asked about differing in its pricing strategy for markets like India, and it’s likely that the potential of reaching over 50 million users could have played its part in the change of heart.
Netflix shared its possible revision in prices at a recent analysts call this week. Without giving a time frame for the roll out, the company believes that the pricing policy could work in other markets than India.
Gregory Peters, Chief Product Officer, NetflixWe will experiment with other pricing models not only for India, but around the world that allow us to sort of broaden access by providing a pricing tier that sits below our current lowest tier.
More OTTs subscribed, but that doesn’t mean people pay for it.
Internet streaming platforms have caught everyone’s eye, even those with business in the traditional TV/screen format. The likes of Zee, Balaji and even Network 18 have jumped into the queue with apps like Zee5, AltBalaji and Voot that have worked on programs tailor made for the youth in the country. And no wonder this is just the beginning.
OTT players are wooing Bollywood players with big budgets and how.
A recent PricewaterhouseCoopers (PwC) report on video streaming platform reckons that by 2022, India will be in the top 10 markets for over the top (OTT) services like Hotstar and Netflix among others. More importantly, the report highlights that over 80 percent of these users will subscribe or pay to access these digital channels.
With internet via mobile and broadband getting affordable, televisions with internet built in getting accessible, Netflix, according to analysts could do worse than bringing down the prices of its plans, and also cater to localized content, going beyond mainstream Bollywood movies for starters.
And if Netflix can pull off more content like Sacred Games for the Indian users, the future could make for a promising view.>