Imagine you started a game and now you are getting beaten in the same game. How Would You Feel? Precisely the same situation is happening now with Netflix in India. Netflix, which made Indians the mirror of the OTT platform, is now troubled by its dwindling users and ever-increasing competitors.
Recently, Netflix company co-founder Reed Hastings said, ‘What is bothering us the most right now is why are we not getting success in India?’ It is clear that Netflix, a company liked in 195 countries of the world, is not getting the desired success in India. The company is making various efforts to become the first choice of Indians, due to which the company has recently reduced its subscription price in India.
In such a situation, today we will know the whole story from the beginning till now of Netflix, a company with 151 million subscribers worldwide.
How Mark Randolph got an idea
The story of Netflix began with a movie rental service
This is about the year 1997. Mark Randolph and Reed Hastings started a DVD shop together. At that time watching movies was not so easy. Mark Randolph and Reed Hastings Do Their First Experiment on Growing Demand
Marketing strategy in 1999
By 2004 Netflix’s revenue increased to 3.73 thousand crore rupees
By 2004, the annual revenue of Netflix had increased to Rs 3.73 thousand crores. From here the success story of Netflix started, after which the company’s popularity and the number of subscribers grew rapidly. As of 2005, approximately 5 million people worldwide subscribed to it.
Website of Netflix https://www.netflix.com/
Netflix’s popularity graph skyrocketed as soon as streaming started
Netflix first introduced video streaming on its app in 2007. The app also had a playback option. Now people can directly watch their favorite movie without any DVD. This proved to be a game changer for the success of the company. After this, the company tied up with BluRay, and Xbox 360. Now the company could stream its content on Netflix.
A great entry of the company in 190 countries including India
Till 2016, the company had reached 60 countries, but this year the company decided to start streaming service in 190 countries including India. People could watch TV shows, movies, or web shows in 21 languages on this platform. In 2017, the number of its paid subscribers was 100 million worldwide. In January 2022, Netflix has become a 12.73 lakh crore OTT platform.
According to a report by Accenture, 74% of users in India believe that the subscription price of some OTT platforms is too expensive in terms of content. And 46% said they would reduce their spending on media and entertainment in 2022. In such a situation, the challenge of Netflix has increased further.
It needs to adopt another strategy to expand its reach in India. People will like this OTT platform only after bringing changes not only by reducing the price but also by bringing content.