MUST READ | Why Netflix fired content chief Bela Bajaria from the seat of power
In a letter to shareholders, Netflix said its business in India in Q3 is an example of a well-executed core strategy. “We delivered a great slate led by Lock Upp, our first daily reality series, which drove the most viewing of any title on Netflix in India ever , the new scripted series Musafir 4 Cafe (9M) and the hit series Operation Safed Sagar (11M). As a result, view hours in India grew 24% year over year, while view hours per member grew low-to-mid single digits in the quarter,” it said.
Netflix said the numbers combined with its first transaction-based loyalty bundle with Flipkart ensured its largest quarter ever of paid net additions. Q3 revenue in India grew ~18% year over year.
Gregory K Peters Co-CEO, President & Director said, “Our local titles from those regions are driving engagement and they’re driving business growth. And you can see how our business model works here. We specifically highlighted India, which had a strong slate with a couple of titles really, really performing,” further adding that membership also increased.
“When we’re talking about success in APAC, India is a great example, but that success is also happening in Korea and Japan. And when you look to EMEA, we look to the Nordics, which is a very mature market for us and the content slate is killing it there,” said Theodore Sarandos Co-CEO, President & Director, during the earnings call.
