Netflix slashes prices by 60% in India

Streaming giant Netflix said that it is cutting its monthly subscription by more than half at 60% in India, as it looks to increase viewership amid growing competition in the OTT space in the country. The new rates that will be rolled out from Tuesday, with Netflix Mobile plan now available at Rs 149 per month from Rs 199, while the Basic Plan will be priced at Rs 199 a month, instead of Rs 499.

The Standard plan will be charged at Rs 499 per month, while Premium will be available at Rs 649 a month. Earlier, the premium plans were charged at Rs 649 and Rs 799, respectively.

Competition on video-on-demand has intensified

Since its launch in India in 2016, Netflix has been a premier offering, with subscription plans starting from about Rs 500. The company has tweaked pricing since then and also introduced a mobile-only plan in the country. The fall in prices is set to be matched with a power-packed slate that the company is launching.

While Netflix plays in the premium content streaming space, it competes with the likes of Amazon Prime Video, Hotstar and even YouTube, along with other local players in the Indian market. With data tariffs cut down drastically in the country, the competition in the video-on-demand space has intensified.

In the last couple of years, content consumption has grown manifold, especially during the pandemic. OTT platforms like Netflix, Amazon Prime Video, Disney Hotstar and Zee5 have been significant growth in user numbers. Smaller players like Hungama and ALTBalaji are also actively expanding their library with original programming to tap into the Indian market.

Amazon had recently announced that it will increase the price of the annual membership of its Prime programme (which includes content as well as other benefits) in India by 50% to Rs 1,499. Fees are also being hiked on a monthly and a quarterly basis. Disney+ Hotstar is available for Rs 899 a year onwards.