Netflix India revenue FY 2018-2023
India’s video streaming market recorded a high growth, with many new players testing the waters. Thanks to the growing internet access in urban as well as rural areas in the country, online video and music streaming services have picked up pace. Streaming giant Netflix entered the Indian market as part of its global rollout in 2016, and recorded a revenue of over 22 billion Indian rupees in fiscal year 2023.
The global growth of Netflix
Netflix’s global net income saw increasing revenues in recent years. The number of streaming subscribers for the company continued to grow in recent years as well. As for the Indian market, it was projected that there would be over 2.3 million Netflix subscribers by 2020.
Free content versus subscriptions
In terms of active monthly users of streaming platforms, Netflix ranked much lower compared to the Indian streaming services like Hotstar and Jio TV. A possible reason for this could be the reluctance among Indians to pay for streaming services. In a 2017 survey regarding people’s spending choice on digital video streaming platforms, preferring advertising-based offers for online video content. Video streaming services including Netflix, Amazon Prime Video and Hotstar had been pitted against more than 30 Indian rival companies, most of which provide content in regional languages, making it harder to break through the market.
