Netflix India’s FY19 rev swells to Rs 466.7 cr
MUMBAI: Video streaming major Netflix‘s India unit has seen a 700% growth in its revenue aided by growth in the subscriber base due to investment in local content and marketing.
According to Netflix India’s regulatory filing sourced by The Economic Times from Veratech Intelligence, the company reported revenues of Rs. 466.7 crore for FY19 with a net profit of Rs. 5.1 crore.
In FY18, Netflix India’s revenue and net profit stood at Rs. 58 crore with Rs. 20 lakh respectively. However, the FY18 financials is only for seven months starting September last year after the actual transfer to local distribution entity from Singapore.
“A combination of factors including original content for India, partnership with Airtel for better access to market and fixing payment issues helped Netflix,” Veratech Intelligence founder Mohit Yadav told the pink paper.
“All this combined with new low cost-based variants for a price-sensitive Indian market is the reason behind Netflix‘s phenomenal growth.”
Netflix India got registered as a limited liability partnership (LLP) in the country in April 2017 when it started commissioning content. The video streaming giant entered India in January 2016.