Netflix's Reed Hastings meets I&B Minister Anurag Thakur
India offers a variety of opportunities and ideas in multiple languages, the minister said in a tweet about the meeting
Information and Broadcasting (I&B) Minister Anurag Thakur on Tuesday met Netflix Co-Founder, Chairman and Co-CEO Reed Hastings. Thakur shared the photos of his meeting with Hastings on Twitter.
“Good discussion with Mr @reedhastings (Co-Founder & CEO, Netflix). Today, consumers of content are travelling the world through stories; India offers a variety of opportunities and ideas - in multiple languages," the minister said in a tweet.
Good discussion with Mr @reedhastings (Co-Founder & CEO Netflix).— Anurag Thakur (@ianuragthakur) September 21, 2021
Today consumers of content are traveling the world through stories; India offers a variety of opportunities and ideas - in multiple languages. pic.twitter.com/aaSocb8Sve
Earlier, in an exclusive interview with a business portal, Hastings had made it clear that investing more in India is a priority for the OTT platform. The company has already pumped in Rs 3,000 crore in the past two years to develop original programming, particularly focused on local content, and more investments are in the offing.
“What’s great about the Indian market is that Hotstar started so early and pioneered streaming there. It has really increased the market size. And then Reliance Jio transformed it with regard to access and cost, democratised it. So they created the base for the market, which is today one of our top global priorities. Sure, it has been harder for us than we initially thought, but our reaction to that is simply to invest even more. It has been harder because there is so much competition with Amazon Prime and Hotstar, and we love that. We remain totally committed and are investing heavily because we see that great success lies ahead for us in India,” he had reportedly stated.
He also called the Rs 199 mobile-only plan a great success. “Yes, indeed, and we have had great success with expanding our pricing. Now we have a range of Rs 199-799, and on the Rs 199 plan you can get all our content on the mobile-only plan, and lots of people are watching us on mobile. So, we are focussed on providing greater affordability to Indian subscribers.”
Hastings highlighted that Netflix’s journey in India has been harder than it was initially anticipated, but he revealed the company’s determination to overcome those challenges through its continued commitment to the Indian market and simply by investing more. He also highlighted that Netflix, which has strong premium imagery in the consumer’s mind, is also focused on providing greater affordability to Indian subscribers.
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