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Netflix “still figuring things out” in India: co-CEO Reed Hastings

"We have had enough success in Japan and South Korea for you guys to think about it like Germany or France, like it’s a big developed rich market. We have got that wired. [In] India, we are still figuring things out," Reed Hastings, Netflix co-CEO, said in an earnings call on Wednesday morning. While India is among the cheapest places in the world to get a Netflix subscription — without even taking into account the mobile-only plan — its pricing and adoption hasn't grown to a point where investors take the company too seriously as a short- or mid-term revenue opportunity. "And so that investment takes some guts and belief forward-looking," Hastings added. In Q1 2021, the company missed its target of adding 6 million users, only adding 4 million new subscriptions. Netflix cited a thin H1 2021 due to the pandemic as the reason (a lot of 2020's content slate was substantially ready before the pandemic). "In the short-term, there is some uncertainty from Covid-19; in the long-term, the rise of streaming to replace linear TV around the world is the clear trend in entertainment," Netflix said in a letter to shareholders. Shooting again everywhere except India, Brazil: "While the roll out of vaccines is very uneven across the world, we are back up and producing safely in every major market, with the exception of Brazil and India," Netflix said in an earnings call, reflecting the sheer scale of the second wave of the COVID-19 pandemic in India. India…

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I cover the digital content ecosystem and telecom for MediaNama.

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