The largest overseas market has been frustrated! Netflix in India slashed prices by up to 60%

In an effort to regain market share from Amazon and Disney, Netflix has reduced prices by as much as 60% in India.

In its statement on Tuesday, Netflix said the price of the entry-level package was reduced by 60 per cent, from 499 rupees per month to 199 rupees ($2.6), while the remaining three-tier packages were reduced by 18 to 60 per cent.

Monika Shergill, Netflix India's vice president of content, said the new price would make streaming services "more accessible" to Indian audiences. Because Indian consumers are quite price sensitive.

As a leader in streaming media platforms, Netflix is slightly inferior to its competitors in the Indian market.

Media Partners Asia estimates that Netflix has only won about 5 million users in India, while Disney's Hotstar platform and Amazon Prime Video have 46 million and 19 million users, respectively. The agency estimates that by 2024, India will have 1 billion video screens and broadband usage will reach 85 percent.

Bloomberg said the new round of price cuts from Netflix is expected to intensify this competition, as most Indian streaming services, including Google, Zee5, Apple TV+, Amazon Prime and Disney, also offer discounts and subscriptions at much lower prices than other international markets.

Mihir Shah, vice president and head of India at Media Partners Asia, said:

"The most meaningful price cut is the entry-level package, which opens up a channel for a significant increase in new customers."

"It also means they have to go deeper — more local and regional in terms of content."

Netflix is indeed commissioning local production companies in India to launch more locally produced content. In an environment of increased smartphone usage in India, streaming platforms have been boosted by the epidemic's home quarantine and theater closures.

This is not the first time Netflix has cut prices in India. In 2019, the company cut the subscription price by half for users with a subscription period of at least 3 months.

However, compared to Amazon and Disney, Netflix has a clear shortcoming: there is no sports broadcast rights. All three companies are expected to join the indian Premier League T-20 Cricket Championship in the right to bid for broadcast rights next year.