Netflix's 6.5M India Subscribers Lag Behind Prime Video and Disney, Says Bernstein

Despite consistently lowering subscription costs in India, Netflix has struggled to expand its business in the country, according to a report by analysts at AllianceBernstein. The report revealed that Netflix has about 6.5 million subscribers in India, while Prime Video boasts 20 million subscribers and Disney+ Hotstar leads the market with over 40 million subscribers. The analysts attributed Netflix's slower growth in India to a lack of local content, with only 12% of its titles in the country being domestic. In comparison, Prime Video offers about 60% of its catalog in India in local languages.

Netflix's challenges in India persist even as it has lowered prices in the country and partnered with Jio Platforms to bundle its service with telecom plans. Despite these efforts, Netflix faces stiff competition in the Indian market where value is often determined by the affordability of linear TV and Internet video. Disney's Hotstar remains ahead in India, especially due to its cricket streaming offerings that attract millions of live viewers. JioCinema, backed by Mukesh Ambani, is also gaining traction by focusing on high-profile cricket matches.

The analysts suggested that Netflix may need to increase its local-language content and recognize the unique value propositions in emerging markets like India. Netflix did not provide an immediate response to the report's findings.