Netflix slashes subscription rates in 116 countries following success in India

Entertainment OTT player Netflix has slashed subscription rates in 116 countries following the success of its business model in India, the company said on Wednesday.

Netflix has seen a 30 per cent growth in customer engagement and 24 per cent revenue growth year-on-year in India after it launched a low-priced subscription plan in the country in 2021.

The company had for the first time reduced subscription prices in the range of 20-60 per cent to suit the India market and deepen its penetration.

The countries where the over-the-top (OTT) player has slashed the price contributed less than 5 per cent to its total revenue during financial year 2022.

Netflix's global net income declined by about 18 per cent to USD 1,305 million in the quarter ended March 2023 from USD 1,597 million in the same period a year ago.

The revenue of Netflix, however, grew 3.7 per cent to USD 8,162 million during the reported quarter from USD 7,868 million in the March 2022 quarter.