Streaming giant Netflix Inc, in its 2nd Quarter result of 2023, revealed that India has emerged as its second-largest market in terms of “paid net subscribers additions”. Additionally, India is its third-largest market in terms of “revenue percent growth”.
The American streaming platform, on Thursday, posted its quarterly result, recording 17% revenue growth to $9.56 billion. The OTT platform’s operating margin was up by 27% in Q2 2024 as against 22% last year in the same period.
The global streaming paid membership surged by 16.5% to 277.65 million in Q2 2024 from 269.60 million in Q1 2024.
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In the APAC region (Asia-Pacific region, including India), the paid membership of Netflix increased to 50.32 million (Q2 2024) from 47.50 million (Q1 of 2024). The paid net additions also increased to 2.83 million (Q2 2024) as against 2.16 million (in Q1 2024). The company’s revenue grew to $1.05 billion in Q2 2024.
“In Q2 India was out No.2 and No.3 country in terms of paid net subscribers additions and revenue percent growth, respectively,” Theodore A. Sarandos, Co-CEO, President & Director said in a media conference. “There’s certainly plenty of room to grow in India as long as we keep thrilling our audiences there,” Sarandos added.
Netflix President also lauded Sanjay Leela Bhansali and his show “Heeramandi” for the company’s success in India in the Q2 of the current calendar year. “SLB is one of the most celebrated filmmakers in India, and he took on this incredibly ambitious series and brought it to screen on Netflix, directed every episode, and it’s our biggest drama series to date in India,” he said.
Netflix, in the stock exchange filing, said that in terms of Indian shows and films, Heeramandi: The Diamond Bazaar show amassed 15 million views globally, followed by Diljeet Dosanjh starrer Amar Singh Chamkila (8.3 million views), as well as, licensed films such as Laapataa Ladies and Shaitaan.
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Other popular shows in Q2 on Netflix were The Great Indian Kapil Show, Bridgerton S3, Baby Reindeer, Queen of Tears, and films such as e Under Paris, Atlas Hit Man, and The Roast of Tom Brad.
About the advertisement, Netflix’s Chief Financial Officer Spencer Adam Neumann said that the revenue portion of ads is growing “nicely”. “The rate of growth, it just happens to be growing off of a relatively small base because we’re starting from only 18 months into the ad,” Neumann said.
“We’ve been scaling our ads member base very quickly from 0-2 years ago to where we are today. And we’re excited to say that we’re on track to achieve our critical scale goals for all of our ads countries in 2025,” Gregory K Peters, Co-CEO, president and Director said.
The streaming company also revealed that it is hiring people for sales and operations to meet advertisers. Besides, the company will be launching its own ads server in Canada this year and the rest of its ads market in 2025.
On gaming initiative, Peters said Netflix has launched over 100 games so far, and 80+ games are in development. In Q2, Netflix launched Virgin River and Perfect Match. Starting in July, the OTT platform said it will be launching one new title per month into Netflix Stories.