Netflix India has demonstrated strong financial performance in fiscal year 2024, marked by significant growth across key metrics. The platform now serves an estimated 12 million subscribers in India, establishing itself as a major player in the country’s streaming market.
Financial Highlights:
– Net Profit: Increased 49% to approximately $6.25 million up from $4.2 million in FY23
– Gross Turnover: Rose 29% to $341.4 million from $265.7 million
– Cash and Cash Equivalents: Surged 110% to $103.3 million
Los Gatos Production Services India, Netflix’s subsidiary, showed remarkable growth:
– Net Profits: Increased 122% to $10.9 million
– Turnover: Grew 17% to $449.3 million
– Total Expenditure: Rose 16% to $437.3 million
The Asia-Pacific region, including India, has emerged as Netflix’s fastest-growing market with a 19% revenue growth rate. This success is attributed to improved product-market fit and strong local content offerings across various Asian markets, including India, Japan, Korea, and Thailand.
The company’s performance in India reflects its successful strategy of investing in local content while maintaining operational efficiency. Despite the competitive streaming landscape, Netflix India is driven by a growing subscriber base and the successful launch of mobile-specific plans.
(Currency conversion based on approximate rate: 1 USD = 83.33 INR)
