Netflix India’s FY23 revenue grows 24%; profit up 75%

Streaming service Netflix’s India arm – Netflix Entertainment Services India LLP – saw a 24% year-on-year growth in its FY23 revenue to Rs 2,214 crore. Net profit grew 75% compared to last year to Rs 35 crore, regulatory filings with the Registrar of Companies (RoC) show.

The growth in topline and bottomline comes as Netflix cut the price of its subscription plans in December 2021, leading to better customer engagement and subscriber numbers in calendar year 2022. Calendar year 2023 saw Netflix crack down on password sharing across markets, including India. It has also pushed its mobile-only plan of Rs 149 aggressively in India to drive up subscriber numbers, sector experts said.