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.

“These reductions — combined with an improved slate — helped grow engagement in India by nearly 30 per cent year-on-year while F/X (forex) neutral revenue growth in 2022 accelerated to 24 per cent (versus 19 per cent in 2021).