Netflix APAC revenues grow 66% YoY despite slow subscriber growth
Global streaming service Netflix is planning to offer free access to its content to all Indian non-subscribers for one weekend. This is part of its plan to attract more subscribers to its platform. OTT platforms have seen a surge of 80% usage due to Covid-19 disruption.
Netflix stopped offering its one-month free trial in India last year but instead launched several promotional offers including a mobile plan for Rs 199. Last month, they withdrew the one-month free trial perk in the U.S.
In earnings call for Q3, 2020, the OTT company reported that it missed its forecast of adding another 2.5 million members instead bringing in 2.2 million. This was despite the fact that production of several of its key shows had returned.
Asia-Pacific (APAC) was the largest contributor to Netflix revenues this quarter as the region grew by 66% YoY. Netflix reported overall revenues of $ 6.4 billion compared to $ 5.24 billion over the same period in 2019. Netflix is magnifying its focus on India. The company noted in its investor letter that they have launched a Hindi interface and has inked strategic deals with the country’s biggest telco Reliance Jio. The telco has launched mobile and fibre broadband bundles that include the OTT streaming service and will integrate with two of Jio’s set top boxes.