Online streaming is going strength to strength with OTT service adoption rising around the world. With a rapid growth of streaming services all over the world, the OTT market is thriving more than ever.
The Indian OTT space is highly competitive with different players vying for the attention of consumers using different package and business models. OTT content players such as Netflix, Amazon Prime, Voot, Hotstar and others have gained huge popularity in India with their original content and growing regional focus.
With the idea of expansion in mind, Netflix came to India in the year 2016 and successfully managed to create a loyal subscriber base of 500K in its initial 2 years in the country. While Netflix India is now booming than ever due to its commitment to creating high-quality original shows and movies and its strategy to build the notion of binge-watching.
Though the primary market of Netflix India remains the high-income consumers from Urban areas, the strategy has fairly worked out for them in getting the growth numbers.
Understanding Indian consumers is difficult and to approach them one needs to adapt to a different strategy altogether. Netflix India adapted its three-pillar strategy- offers, content and marketing.
While its monthly package starts from Rs. 500 and go as high as Rs. 800, it also gives its new users a month free trial package which is undeniably an irresistible offer when it comes to Indian consumers. Also, as recent as now, Netflix India also tried and tested its Rs.65 weekly plan for its mobile screen audience in India.
Netflix offers its audience a wide variety of specially curated high- quality content which goes well its target audience which is content hungry. Though in order to attract rural India they may feel the need to create regional content.
When it comes to marketing, Netflix India has got most of it sorted on its front. The major source of promotion for the brand includes social media websites including YouTube. Being a globally well-known brand gives them the edge of not going to intense advertising hence the brand prefers pop-up ads, banners, hoardings and other static ads on websites.
In the past, Netflix has turned into high ranked celebrities as well in their marketing videos to boost sales and profits.
The brand also promotes its original TV series through teasers and trailers on YouTube and by strategically placing Hoardings on Public places to make people aware of their upcoming productions.
Netflix is proving its prescience through aggressive expansion. It’s not planning for the immediate future; it’s banking on long-term investments in a relatively new market. Every single year, more and more Indians get access to the Internet, more entertainment apps and 4G. The number of Indians online is growing at lightning speeds which is why Netflix is now pushing to create a library of local content for them which is why Netflix India announced not one but seven brand new series for Indian viewers.