No cheaper services coming for India, confirms Netflix's CEO

Last Updated: Sat, Nov 10, 2018 16:37 hrs
Netflix (Image Courtesy: netflix)

Reed Hastings, Netflix's Chief Executive Officer has been quoted as saying that cheaper fees for Amazon's streaming services could be a misunderstanding.

Talks on price-revisions were speculated when Greg Peters, the Chief Product Officer, said Amazon could experiment on pricing models. This, after an October earnings announcement.

Hastings said that the comment was misunderstood, and Amazon had no plans for reducing prices for the India market.

In a <i>Reuters</i> story, Hastings while explaining the three pricing tiers- Rs 500 (basic plan), Rs 650 (standard) and Rs 800 (Premium) observed that these were modest and lower than what subscribers paid for similar services in the United States. There are no plans to go lower than the basic plan for Netflix, he reasoned.

"Now it is true that Youtube is free, and Amazon is basically free, and cable is extremely inexpensive because it's ad-supported. To some degree that creates a consumer expectation," he said. But he added that the cost of Netflix in India was "like going to the movie theater 2-3 tickets a month, but you get to watch a lot more."

Hastings was quoted a week ago speaking at an event in Singapore where he said that Netflix had introduced 17 new original productions for Asia. Of these, nine were produced for India market.

Netflix that opened two years ago has received roaring success in India, however Hastings did not divulge the exact number of subscribers in India and Asia. Netflix has a subscriber based of over 130 million worldwide. Hastings said that Netflix looked at India as a market that could deliver the next 100 million subscribers.

Netflix's latest success in India was "Sacred Games", a hard-boiled thriller built around Bollywood star Saif Ali Khan and Nawazuddin Siddiqui.

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