Netflix, the well-known entertainment OTT player in the world, announced that it had reduced subscription prices in 116 nations after the success of its business strategy in India. Netflix introduced a low-cost subscription package in India in 2021, and since then, the country has experienced a 30% increase in customer engagement and a 24% increase in income year over year.
During the quarter ended in March 2023, Netflix’s global net income fell by nearly 18% to USD 1,305 million from USD 1,597 million in the corresponding period of the previous year. However, Netflix’s revenue rose by 3.7% to USD 8,162 million during the reporting quarter from USD 7,868 million during Q4FY22.
Globally, the company’s paid membership climbed by 4.9% YoY to 232.5 million during Q4FY23. Netflix said it expects its net income to decline by about 1.6 per cent to USD 1,283 million in the April-June 2023 quarter while revenue to increase by 3.4 per cent to USD 8,242 million.
For the first time, the corporation lowered subscription fees by 20–60% to better suit the Indian market and increase its penetration. This move will make Netflix quite affordable and the global giant will surely increase their subscription base.
Formerly priced at 199 per month, Netflix’s mobile-only plan is now 149. The basic subscription, which allows access to all material on any one device, is now priced at 199 instead of 499 as it was previously. Prices have been cut in parts of Asia, Europe, Latin America, sub-Saharan Africa and the Middle East.
