Netflix to spend Rs 3,000 Cr on content in India over the next year

Netflix plans to spend Rs 3,000 crore on content programming in India over the next year, chief executive Reed Hastings said on Friday at an event in Delhi.

The budget includes the company’s spend for the financial year 2019 and year 2020. A majority of this spend will be on original programming, a Netflix spokesperson told ET, but declined to disclose specific information.

This is the first time the streaming giant has disclosed an content budget for the India market and comes amid an increased adoption for online content and growing competition in Asia’s third-largest economy.