Netflix India's FY20 revenue rose two-fold, largely backed by Indian content and a low-cost mobile-only plan. According to the video streaming platform's filing with the Registrar of Companies (ROC), the company reported a revenue of Rs 923.7 crore and a net profit of Rs 8.9 crore.
Netflix India had in FY19 recorded a 700% jump in its turnover to Rs 466.7 crore and net profit of Rs 5.1 crore, as per the filing sourced from data insight firm, AltInfo, reported by the Economic Times.
Online content consumption in India has seen massive growth with data plans becoming more affordable. Data rates in India are among the cheapest globally.
The American streaming giant forayed into the Indian market in January 2016 as part of its global rollout. However, the company was initially registered as a Limited Liability Partnership (LLP) in April 2017 when it began commissioning content.
The video streaming platform's CEO Reed Hastings had said last year that Netflix would invest Rs 3,000 crore on Indian content in 2019 and 2020 and has launched around 40 OTT (over-the-top) services in the last three years.
As per sources, the company has over 100 employees in India and boasts of around 2.5 million paid subscribers in the country.
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.
Competition in the video-on-demand space has intensified, especially after the launch of Reliance Jio's services, as data tariffs have come down drastically in the country.
Players like Yupp TV, Hungama, and ALTBalaji are actively expanding their library with original programming to tap into the Indian market.