Netflix Suffers a Huge Loss in India: Report
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Global media reports suggest that Netflix Chief Executive Officer (CEO) Reed Hastings told that Netflix, an American subscription streaming service and production company, has received less acceptance in India than expected which has caused a huge financial loss.
According to media reports, Reed Hastings, CEO of Netflix, said at a global business summit in Delhi in 2018 that the next 100 million subscribers of the streaming giant would “come from India” as it is a huge market due to its vastness and cheap internet.
Three years later, Mr. Hastings sounds a bit uncertain. On an investor call last week, he complained the California-based firm’s lack of success in India.
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Reed Hastings said: “The great news is in every single other major market, we’ve got the flywheel spinning. The thing that frustrates us is why we haven’t been as successful in India. But we’re definitely leaning in there.”
With an estimated 5.5 million subscribers, the world’s largest streamer industry is lagging way behind its main competitors, Disney+ Hotstar (46 million) and Amazon Prime Video (19 million), according to industry estimates.
Netflix got off to a great start in 2018 with Sacred Games, a gritty gangster epic. Studded with Bollywood’s A-listers and directed by two of India’s finest filmmakers, the thriller immediately won acclaim.
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The Economist magazine raved that Netflix’s first original series proved that there was a future for “new combinations of old-school Hindi film talent, Hollywood values and Silicon Valley’s billions”.
Hastings says that despite this, he is disappointed that he has not been able to gain the popularity in India that he had tried so hard to achieve.
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