Image Source: Business Today
If you haven’t heard the big reveal by now, the streaming platform Netflix has slashed almost 50% of its prices for plans in India, and these new plans will apply to all customers. The idea behind the streaming platform’s slashing of prices is considered Netflix’s attempt to woo the customers or subscribers in the country.
Under the new price scheme, Netflix’s basic plan will now cost just $2.62 (Rs. 199) per month, which was previously about $6.57 (Rs. 499) per month, whereas the standard plan, which was for $8.55 (Rs. 649) per month, will now cost $6.57 (Rs. 499) per month only. The most expensive Netflix plan, which costs $10.59 (Rs. 799) per month, has now gone down to just $8.55 (Rs. 649) per month.
The new price scheme has been applicable since December 14th, 2021, and will come into play from the next billing cycle for all members. New subscribers are going to have an advantage as they can simply sign up and choose the new plans to pay for the streaming channel.
Netflix also has a mobile plan that used to cost around $2.62 (Rs. 199) per month, which has now been slashed to $1.96 (Rs. 149) per month. One thing that the subscribers who decide to have a mobile plan need to know is that this plan will only work on a mobile phone or tablet with 480p resolution. This plan cannot be used on a television or computer, and only one device can access the mobile plan at a time.
Monika Shergill, VP Content India, Netflix, spoke to The Hindu and said, "That is a huge one and the idea behind it is to really get our members and the audiences who will be coming to Netflix through all this new content that we are doing able to experience Netflix on any device of their choice, which is why the difference between the mobile plan and the all devices plan is a smaller margin. Just like when we launched the mobile plan when we were growing into a new audience segment, [now] as we are going ahead on our programming journey, we are programming new entertainment for audiences, we are telling stories which will touch our very wide set of an audience, it is meant for a large audience. "
'Bad Boy Billionaire' is one of the most-watched series on 'Netflix'. Image Source: Official Trailer
Monika further shared that Netflix is now focusing on expanding its audience month by month and added, "as we are ready with a whole new content line-up which talks to a very different and broader audience, it is the right time for us to have a new pricing strategy also." In her interview with The Hindu, she further mentioned that India is a very important market for the streaming platform, which has been growing "substantially" over the last few years, and with the new content that is lined up for the subscribers, this seemed like a perfect time to slash the prices to woo them and attract as many users as possible to subscribe. "India is not the lowest priced market... We do have some countries that are lower than India, but they are much smaller countries than us. But India is now fairly competitively priced, "she added.
Explaining the streaming giant's move further, she stated that the content that is put out for the audience is boundary-less, such as K-dramas, which are not restricted in Japan or Korea, as well as Spanish content and other such languages. She added, "Netflix is a melting pot for that." Karan Taurani, senior vice-president at Elara Capital Ltd., said, "India is a big market with ample penetration opportunity in tier-two and tier-three towns, increasing smartphone users and cheaper data prices, which will help Netflix scale its subscriber base in the medium to long term. The US subscriber base has been plateauing and in non-US territories, Singapore and China are already well penetrated, while data in South Africa is not as cheap. So, they have to do things differently for India. "
India has a massive viewership for K-dramas on Netflix. Image Source: South China Morning Post
One of the reasons to attract Indian audiences also comes from the worldwide recognition of Indian crime drama television drama, 'Delhi Crime' garnered which series written and directed by Richie Mehta. The show received critical appreciation which lead to the show winning the International Emmy Awards held in September 2020 for Outstanding Drama Series. 'Delhi Crime' became the first-ever Indian series to win an Emmy award and it was renewed for a second season with the main cast reprising their roles.
According to reports, India has the highest viewership of movies and series on Netflix, which includes genres like kids, non-fiction, Korean dramas, etc. The pandemic had just added advantage for the streaming platform as everyone turned towards the streaming channels for their source of entertainment. Where Netflix has decided to attract customers and slash its prices, Amazon Prime has decided to upgrade its prices from $6.57 (Rs 499) to $19.67 (Rs 1499) annually.
Disney+Hotstar also released new subscription levels on September 1st, with the cheapest plan costing $6.57 (Rs 499) per year and allowing only limited consumption on mobile devices. The two other annual subscriptions, which cost $11.80 (Rs 899) and $19.67 (Rs 1,499) respectively, provide consumers with improved video quality and more devices.
