Netflix CEO Reed Hastings says the company would invest more in India

Business Technology

Netflix, the worldwide entertainment company, aims to invest more in India after investing 3,000 crores in the last two years, despite the expanding and severe competition in the streaming business.

Netflix CEO Reed Hastings stated that the OTT platform’s objective is to invest more in the Indian market.

“Over the last couple of years, India as a market has seen a tremendous increase in video content watching, fueled in part by people being forced to stay at home due to the Covid-19 outbreak,” he said.

“During this time, Netflix has emerged as one of the leading challengers for the consumer’s cash. The brand has developed instant recall in the minds of Indian consumers over the last five years. “In an interview with Business Today’s Global Business Editor Udayan Mukherjee, Hastings stated.

He said that the corporation has already invested 3,000 crores in developing original programming in the last two years, with a particular focus on local content. Additional investments are on the way.

According to industry estimates, more than 50 lakh paid users have put their trust and money in the OTT platform.

On the other hand, Netflix faces stiff competition from rivals such as television broadcasters who own OTT platforms, regional OTT platforms with niche, local content, and other players such as free video streaming sites.

Netflix’s experience in India, according to Hastings, has been more difficult than expected. However, he emphasized its resolve to overcome those obstacles by maintaining its commitment to the Indian market and simply spending more.

He also mentioned that Netflix is working to make its services more affordable for Indian customers.