Netflix projected to have 5.7 mn subs in India by 2023
MUMBAI: Internet streaming giant Netflix is projected to have 201 million paid customers by 2023 of which India is expected to contribute 5.7 million subscribers. Netflix had 111 million subscribers at the end-2017.
According to Digital TV Research’s Netflix Forecasts report, India is expected to be the seventh largest market for the platform in terms of subscriber base. US and UK and Brazil will be the top 3 markets followed by Canada, Germany, and Mexico. France trails behind India at the number eighth position.
Other markets will comprise 78.3 million subscribers of that the total base.
Netflix CEO Reed Hastings had recently said that the next 100 million customers for the service will come from India. He had also noted that Netflix has the potential to become a giant exporter of Indian stories.
“The next 100 million customers will come from India. We have 120 million so far around the world about 60 million in the US,” Hastings said speaking at the Global Business Summit on the topic “How Technology is Changing Media”.
Netflix is upping the ante in the Indian market by getting into original content creation as well as acquiring content from local content houses.
Digital TV Research forecasts 28 million subscribers will be added in 2018 making it the largest growth year ever after which lower growth is expected.
North America and Western Europe will together supply 62% of Netflix’s total subscriber base by 2023 – still dominant, but down from 76% in 2017. The Asia Pacific will boast fast growth by taking 14% of the 2023 total. This represents 28 million subs; quadruple the 2017 figure.
Digital TV Research Principal Analyst Simon Murray said, “These forecasts are a lot higher than the last edition of this report. Similar to many other analysts, we underestimated the fast take-up in international markets.”
The top five countries will supply 53% of Netflix’s subs by 2023; down from 69% in 2017. Although the number of international subs overtook US ones in 2017, the US will still contribute 44% of subscribers by 2023 – and will add 16 million subs between 2017 and 2023.
Streaming subscription revenues for Netflix will climb by 155% from $11.3 billion in 2017 to $28.8 billion in 2023. The top five countries will generate revenues of $16 billion in 2023 – or 56% of Netflix’s global subscription revenues. The US will contribute $11.2 billion, with four other countries above $1 billion.