India became the second largest market for Netflix in terms of addition to paid subscribers in the June quarter of 2024. In a letter to shareholders, Netflix further added that India was the third largest country for the streaming giant in terms of revenue percent growth for the quarter. The company however didn’t disclose any specific subscriber or revenue numbers for the Indian market.
The growth in India was driven by big successful original titles such as Sanjay Leela Bansali’s Heeramandi: The Diamond Bazaar and Imtiaz Ali’s Amar Singh Chamkila during the quarter, Netflix said in the shareholder letter.
Licensed films such as Kiran Rao’s Laapataa Ladies and the Ajay Devgn and Madhavan-starrer Shaitaan also helped the growth of the streaming service in the country.
Netflix added 8.05 million subscribers across the world during the second quarter of 2024, out of which 2.83 million users came from the Asia-Pacific (APAC) region. The APAC region, which includes India, was Netflix’s biggest geography in terms of member additions.
The region’s revenue grew to $1.05 billion, up 14.5 percent from the same quarter last year. Netflix’s overall revenue rose to $9.56 billion for the quarter, a 16.8 percent growth over last year.
In the letter, Netflix mentioned that Heeramandi was Netflix’s biggest Indian drama series ever with 15 million views during the quarter. The title was renewed for a second season in June. The Diljit Dosanjh-starrer Amar Singh Chamkila also registered 8.3 million views during the quarter.
“I think India’s growth is a story that we see around the world playing out similarly. So you look at the content, the product market fit is what drives our ability to attract members and retain members and monetise with them as well... If we pick them well, we programme well, we improve the product market fit, we improve engagement, we grow members, we grow revenue,” Netflix co-CEO Ted Sarandos said in a post-earnings video interview.
Netlflix has been struggling to increase its foothold in the India market for the past few years – even as India is the second largest internet market in the world. In a bid to drive subscriber growth Netflix had cut its prices by 20-60 percent in India in December 2021.
The streaming giant is also set to face stiff competition in the country, following Reliance Industries’ joint venture with Disney, which combines the businesses of Viacom18 and Star India.