Netflix reports India as top Q2 performer for paid subs growth & revenue
Netflix in its Q2 results has reported that India stands at the 2nd and 3rd positions in its country tally in terms of paid net subscriber and revenue percentage growth, respectively. The US streaming giant on Thursday said the platform has added over 8 million subscribers in the second quarter due to the crackdown on password sharing and the popularity of shows like ‘Bridgerton S3’, ‘Baby Reindeer’, ‘Queen of Tears’ and ‘The Great Indian Kapil Show’.
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In the same quarter last year, the net addition was 5.89 million.
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Netflix’s paid membership in Q2’ 24 stood at 277.65 million. The company has said in its financial report: “In Q2, India was our No. 2 and 3 country in terms of paid net adds and revenue percent growth, respectively, helped by big successful titles like Heeramandi: The Diamond Bazaar (15.0M views), our biggest Indian drama series ever, and Amar Singh Chamkila (8.3M views) — as well as licensed films such as Laapataa Ladies and Shaitaan.” During the earnings call, Netflix Co-CEO, President, and Director Theodore A. Sarandos highlighted India's growth as a trend mirroring global success. He emphasised the importance of content and product-market fit in attracting, retaining, and monetising members. Sarandos pointed out the success of ‘Heeramandi’, a series directed by filmmaker Sanjay Leela Bhansali, which has become Netflix's largest drama series in India till date. He noted that the positive reception to original and licensed films, strategically timed for the pay TV window after theatrical releases, underscores Netflix's effective programming strategy. Sarandos concluded that Netflix aims to sustain growth in India, leveraging the same successful formula applied globally. According to Netflix, Q2 showed robust performance with a 17% revenue growth and an improved operating margin of 27% compared to 22% last year. The company now expects reported revenue growth for the full-year 2024 to be between 14% and 15%, up from the previous range of 13% to 15%, with an operating margin of 26%, up from 25% previously. Key highlights from Q2 include a diverse lineup of hit series such as ‘Bridgerton Season 3’, ‘Baby Reindeer’, ‘Queen of Tears’, and ‘The Great Indian Kapil Show’, along with popular films like ‘Under Paris’, ‘Atlas’, ‘Hit Man’, and ‘The Roast of Tom Brady’. Netflix also introduced a new, simplified TV homepage in June to enhance the discovery experience, aiming to improve user engagement. Additionally, the company made strides in its ads business, with a 34% increase in ads tier membership quarter-on-quarter. They are developing an in-house ad tech platform slated for testing in Canada in 2024, with broader launch plans in 2025. Looking ahead, Netflix continues to invest in expanding its entertainment offerings, enhancing reach, recommendations, and audience engagement to maintain strong revenue and profit growth.
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