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Millions of Indians signed up to stream Netflix for free; company is working to convert the interest into growth

Netflix's two day StreamFest in December 2020—where users in India could practically watch Netflix’s entire catalogue for free—brought millions of users to the service, Netflix's chief operating officer Greg Peters said during a call with investors on Tuesday. Now, the company is analysing how that interest through this specific tactic can be converted into sustained incremental growth, Peters said. The online streaming platform now has over 200 million subscribers. Netflix added more than 8.5 million new users during Q4 of the current financial year, recovering from its slump in the previous quarter during which it added a little over 2 million subscribers. Over the last three years, Netflix’s average revenue per user (ARPU) has grown by about 10%. Three years ago, it's ARPU was just under $10,and has now grown to $11 in the last quarter, according to Spencer Wang vice president of finance, investor relations and corporate development at Netflix. Notes from earnings call Disney vs Netflix: When asked how Netflix was viewing Disney as a competition in the streaming space, Wang said that 30% of Disney’s 87 million paid subscribers came from Hotstar, which “we all sort of recognize as a bit of a different service”. “...the 87 million is closer to 60 million and our ARPU is roughly double or actually more than double,” said Spencer Neumann, Netflix’s chief financial officer. Reed Hastings, Netflix’s co-founder said that the competition gets the company fired up about increasing its membership and content budget. He also said that Netflix was…

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