In the last few years, Netflix has been taking the world by storm. Now, Asia is surely catching up on this global phenomenon as the company seeks to dominate market share and content from the region.
It’s hard to imagine that only a few years ago, people did not have any inkling they’d stop watching their television in favor of something more convenient. Often called “global television,” Netflix’s streaming service has been skyrocketing, and the company has set its sights on Asia.
In just 7 years, Netflix has grown in more than 190 countries, over half of its subscribers living outside the US. With over 130 million customers, the streaming revenues of Netflix are expected to go up as it infiltrates the Asian market.
Lower Price Plans
To encourage more people from Asia to subscribe to the popular film and television streaming service, CEO Reed Hastings has shared his willingness to experiment decreasing its rate in the territory.
According to sources, a lower-priced deal would stem from the company, despite its high prices for its major markets. Prices vary depending on the location, but the cheapest plan in the US is $7.99. Meanwhile, its competitors in Asia mostly offer free services or paid ones that range from $2 to $5.
In India, Netflix subscribers pay 500 rupees or $6.85 monthly. On the other hand, Star India’s Hotstar, another streaming service offers people 199 rupees per month. On top of this, Netflix is feeling pressure from YouTube, the most popular free video streaming company in the world.
“He’s not going to get 100 million subscribers in India with the current strategy,’ said Media Partners Asia Executive Director Vivek Couto.
Netflix’s Growth in Asia
Despite their efforts, Netflix’s growth in Asia has been less than satisfactory. In fact, it does not have more than 2 million subscribers in any Asian nation. Despite this, Netflix wants to maximize its potential.
Netflix’s Efforts will also fully embrace inclusivity as it invests in local productions to add more content and draw more customers in the region.
“The exciting part about that is that we’re able to come in and produce locally, using local story-tellers, and tell those stories on a grand scale because we can find a global audience,” shared Chief Content Officer Ted Sarandos.
Only after three years of entering the Asian market, the company has announced 17 brand new shows from 5 Asian nations, not to mention more than a hundred TV and film projects in Singapore, Tokyo, Mumbai, Korea, Japan, Thailand, and many more countries.