No plans to experiment with cheaper pricing models in India: Reed Hastings
MUMBAI: Streaming giant Netflix has no plans to bring down its subscription price in India, CEO Reed Hastings has said while adding that comments by chief product officer Greg Peters had been “misunderstood”.
During the company’s Q3 earnings conference call, Peters had said that the streaming platform will experiment with other pricing models in India as well as globally.
“We’ll experiment with other pricing models, not only for India but around the world that will allow us to broaden access by providing a pricing tier that sits below our current lowest tier,” Peters had said.
In an interview with the news agency ‘Reuters’, Hastings noted that Netflix’s three price tiers in India are only modestly lower than what the company charges in the United States.
The platform has subscription plans in India, Rs 500 ($6.90) for a basic plan, Rs 650 ($9.00) for a standard plan and Rs 800 ($11) for premium.
“We see the typical mix across these three plans that we see in many other countries like the U.S., which would indicate that we don’t have a pricing issue. Because if it was, everyone would be on the lower price plan,” he said.
Netflix has greenlit eight new original films and one new original series from India. The announcement was made by Netflix CEO Reed Hastings and chief content officer Ted Sarandos at the company’s inaugural content event in Asia ‘See What’s Next: Asia’.
The event celebrated the company’s rapidly growing diverse content slate in India. The participants in the event included performers and creators from India. The showcase also included updates on four Indian original series that were previously announced.
“We celebrate India today with an incredible line-up of original films and series that are right now filming across India. This line-up cuts across genres from horror to fantasy and in locations from Leh to Mumbai. The breadth of stories with its local settings and complex characters is incredible and we can’t wait for people to discover and fall in love with them,” Sarandos had said.