Does Netflix need to rework its strategy?
Why Indian markets are proving difficult for the world's biggest OTT Platform, Netflix? If you have the same question, read along to know more.
Does Netflix need to rework its strategy?
Why Indian markets are proving difficult for the world's biggest OTT Platform, Netflix. Read along to know more.
Before Netflix and chill, There was a time when families went to theaters to watch movies. Do you still recall the time when you used to wait in line to book tickets for gallery seats? But, when your time did arrive to book, the theater was housefull. And, did struggle end here? Maybe, as you wait for another show or wait for an official DVD CD/Cassette. Genz, what’s a cassette you ask?
It is a compact case containing magnetic tape used to record audio and video. Every house used to have Vhs players connected with the TV that used to stream recorded audio and video of cassettes and CDs. For instance, do you recall what Starlord used to play on his aircraft? Yes, that’s a VHS player and a cassette. And, coming to the point.
Before becoming the world’s largest OTT platform, the company was a movie distributor. It was a library of movie content and distributed the movie in a CD format. The consumers loved the experience and flexibility of watching movies with family at home.
They also received a big pool of content to watch from states and countries of the world. Eventually, it escalated to an online streaming site. Plus, became synonymous with the leisure of watching movies.
Netflix and Indian Market.
While the platform was raging in the world market. It expanded its business in the Asian markets except for China, Crimea, North Korea. In the year 2016, the platform entered the Indian markets.
The shows such as
- Breaking Bad,
- Friends,
- The fresh prince of Bel-Air
- The Big Bang theory
Which were popular in prime time television and quickly became user favorites.
The platform also launched its original series, such as
- Stranger Things
- Sacred games
- Six underground
- Alice in borderland
- Anne with E
- Black mirror
- Dark
In 2018, CEO Reed Hastings told a global business summit in Delhi that the next 100 million subscribers would be “coming from India”
But, the 2021 OTT scenario is contrary to the statement. And Mr. Hastings doesn’t sound so upbeat. He shared his views on the investor call by the statement. – “The great news is in every single other major market, we’ve got the flywheel spinning. The thing that frustrates us is why we haven’t been as successful in India. But we’re definitely leaning in there,”
The company’s rivals have made a firm base for collaboration whereas, the platform took a bold stance by leading individually. Overseas content benefited them from other countries. For instance, Money heist was famous worldwide except in their home country. Some note that Indian audiences preferred local content.
To elaborate further, Amazon shows, such as
- Asur
- Family man
- Mirzapur
- Made in Heaven
- Panchayat
- Patal Lok
- Breathe
The masses accepted these shows. The audience found a connection, reliability and there was no instance of a language barrier for the semi-urban segment. Plus, Indian audiences have access to TV entertainment for around $4 a month. The audience preferred family-oriented drama, movies, and cricket.
The firm collaborated with Bollywood studios, and only a few worked. The firm has also reduced its prices with a base of 149 per month with access to all devices. Then 199 per month streaming on a single device. Additionally, The firm has taken this move to capture an audience beyond big cities.
India is a diverse market with 270 local languages. And, Video demand market is predicted to double by 2026. Netflix needs to bring fresh content with consideration of local language. The current model is not suitable for semi-urban areas that have the largest audiences.
The platform needs to analyze price-conscious Indian audiences. Plus, rework their strategy to establish themselves as a leading Content provider.
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