12 C
Delhi
Friday, November 27, 2020

We still have much work to do in India market: Netflix

- Advertisement -

With mobile-only plan for Rs 65 Netflix intensifies OTT price war in IndiaNew Delhi, Oct 21 (IANS) Content streaming giant Netflix has reported slow growth in its third quarter (July-September period) despite the social distancing times, admitting that it has much work to do in countries like India which are lagging behind in terms of growth for the company.

Netflix said growth has slowed with 2.2 million paid subscribers in Q3 while the company added 6.8 million paid net adds in the same quarter last year.

While the APAC region was the largest contributor to its paid membership growth (accounting for 46 per cent of all global paid net adds) as APAC revenue rose 66 per cent (year over year) especially in South Korea and Japan, Netflix has a lot of ground to cover in India.

“We’re working with local partners like Reliance Jio, India’s largest mobile operator, where in Q3 we launched a bundle with their mobile and fiber broadband plans. As part of this broad partnership, we’ll integrate Netflix with two of Jio’s set top boxes,” the company said in a letter to its shareholders on Tuesday.

READ ALSO:  Tiger population improves to 2,967 in 2018: Modi

“We’ve also partnered with financial institutions in India to make payment processing easier and more seamless for our members, which we expect will have retention benefits,” it added.

Netflix said that its non-fiction series ‘Indian Matchmaking’ was watched by a quarter of its members in India and millions of members outside of India in its first four weeks.

“We invest heavily into improving our product, partnerships and overall consumer experience. For example, in India in Q3, we localized our service to support Hindi in our user interface,” the streaming platform said.

“We strive to be a global entertainment service that can satisfy the needs of members all over the world. Commissioning and producing local language content is an important part of that”.

READ ALSO:  Vodafone fastest 4G network in Delhi-NCR: Ookla

The company generated over 1.3 billion in net cash in Q3 2020. Free cash flow was positive for a third consecutive quarter at $1.1 billion.

Admitting that the state of the pandemic and its impact continues to make projections very uncertain, Netflix said it expects growth to revert back to levels similar to pre-Covid in 2021.

“With $8.4 billion in cash on our balance sheet at the end of the quarter plus our $750m credit facility (which is undrawn), our need for external financing is diminishing. As indicated last quarter, we don’t have plans to access the capital markets this year,” Netflix told shareholders.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

After braving tear gas, water cannon, farmers halt in Panipat for night

Chandigarh, Nov 27 (IANS) Tens of thousands of farmers up in arms on Thursday braved tear gas shells and water cannons to break through...

Nivar effect: Met dept puts Bengaluru on Yellow alert for next 2 days

Bengaluru: The India Meteorological Department on Thursday issued a yellow alert in Bengaluru and surrounding districts on November 26 and 27.Cyclone Nivar – the...

Premiums on insurance bought during Oct-Mar eligible under LTC scheme

New Delhi, Nov 26 (IANS) Central government employees can claim reimbursement for premiums paid for insurance policies purchased between October 12, 2020 and March...

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

Huge renewable energy plans lie ahead for next decade: PM Modi

New Delhi, Nov 26 (IANS) Prime Minister Narendra Modi on Thursday announced that there are huge renewable energy deployment plans for India for the next decade which...

Trending Topics In India

Covid 19 India Updates

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Kerala, Maha, Delhi among 6 states with 61% new Covid cases detected every day

By Rajnish Singh, (IANS) Kerala, Maharashtra and Delhi are among top six states which are accountable for contributing 61 per cent new Covid-19 cases on daily basis in India,...

Looking at vaccine manufacture, delivery ecosystem: Harsh Vardhan

New Delhi, Nov 25 (IANS) At a time the world is racing against time to find a safe and effective vaccine against Covid-19, Union...

Apollo Hospitals gearing up to give one million vaccines a day

New Delhi, Nov 25 (IANS) Apollo Hospitals are gearing up to give one million vaccines a day once it is available across India through...

Over 88% Indians know at least one Covid infected person: Survey

New Delhi, Nov 25 (IANS) With over nine million coronavirus cases in India, 88 per cent citizens now have one or more contacts in...

Covid-19 second wave may be a tsunami, warns Thackeray

Mumbai, Nov 22 (IANS) With Covid-19 cases again surging in some parts of the the country, Maharashtra Chief Minister Uddhav Thackeray on Sunday hinted...

Trending News In India

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

Nivar effect: Met dept puts Bengaluru on Yellow alert for next 2 days

Bengaluru: The India Meteorological Department on Thursday issued a yellow alert in Bengaluru and surrounding districts on November 26 and 27.Cyclone Nivar – the...

Premiums on insurance bought during Oct-Mar eligible under LTC scheme

New Delhi, Nov 26 (IANS) Central government employees can claim reimbursement for premiums paid for insurance policies purchased between October 12, 2020 and March...

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

Huge renewable energy plans lie ahead for next decade: PM Modi

New Delhi, Nov 26 (IANS) Prime Minister Narendra Modi on Thursday announced that there are huge renewable energy deployment plans for India for the next decade which...

Trending Showbiz

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Gear up for India’s first ever OTT awards

By Puja Gupta, (IANS) Fans across the globe now have a chance to engage with OTT entertainment content and stars digitally; they can and...

Malayalam film ‘Jallikattu’ is India’s entry for Oscars 2021

Mumbai, Nov 25 (IANS) The Malayalam film, Jallikattu, has been selected as the official Indian entry in the Best International Feature Film category at...

Kabaddi is a sport, can’t be played well without teamwork: Abhishek Bachchan

Mumbai, Nov 24 (IANS) Abhishek Bachchan, who owns the Kabaddi team Jaipur Pink Panthers, says the upcoming docu-feature, Sons Of The Soil: Jaipur Pink...

Television actor Ashiesh Roy passed away

Mumbai, Nov 24 (IANS) Television actor Ashiesh Roy passed away in Mumbai early on Tuesday. The Sasural Simar Ka actor died of kidney failure...

Arjun Kapoor: Children should never go without adequate food

Mumbai, Nov 23 (IANS) Bollywood actor Arjun Kapoor has opened up about his food start-up venture that has been feeding 1000 children every month....

Trending Sports

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...

1986 World Cup quarter-final: Maradona becomes immortal

New Delhi, Nov 26 (IANS) “I dream of being able to score another goal against the English, with the right hand this time!” said Diego...

Football legend Diego Maradona, 60, dead

Buenos Aires, Nov 25 (IANS) Football legend Diego Maradona has died, aged 60, according to Argentine media reports. He had been discharged from hospital...

New ICC chairman Barclay: Rugby’s loss is cricket’s gain

New Delhi, Nov 25 (IANS): Auckland-based lawyer and sports administrator Greg Barclay was on Wednesday announced as new chairman of the International Cricket Council (ICC)....

Sports Ministry recognises archery body again, after eight years

New Delhi, Nov 25 (IANS): The Archery Association of India (AAI) on Wednesday re-gained recognition from the Sports Ministry nearly eight years after it was...

ICC Awards of the Decade: Kohli in fray for 5; five more Indians in race

Dubai, Nov 25 (IANS) Prolific India batsman Virat Kohli has been nominated in five categories for the first International Cricket Council (ICC) Awards of...

Latest Trending News In India

Nivar effect: Met dept puts Bengaluru on Yellow alert for next 2 days

Bengaluru: The India Meteorological Department on Thursday issued a yellow alert in Bengaluru and surrounding districts on November 26 and 27.Cyclone Nivar – the...

Premiums on insurance bought during Oct-Mar eligible under LTC scheme

New Delhi, Nov 26 (IANS) Central government employees can claim reimbursement for premiums paid for insurance policies purchased between October 12, 2020 and March...

Sanjay Dutt’s new film ‘Torbaaz’ discusses terrorism with human angle

Mumbai, Nov 26 (IANS) Filmmaker Girish Malik, who directs Sanjay Dutt in his new film Torbaaz, says he wanted to show a story of...

Excited to be back playing in front of crowds: Kohli

Sydney, Nov 26 (IANS) Rival skippers Virat Kohli of India and Aaron Finch of Australia on Thursday expressed relief and joy at the prospect...