To attract Indian viewers, streaming giants are rushing to make deals for original movies and shows.
Netflix (NFLX – Get Netflix, Inc. Report) and Amazon’s (AMZN – Get Amazon.com, Inc. Report Prime Video) are investing in India, which is the country that both companies want to attract their next 100 million subscribers.
However, Amazon and Netflix’s popularity in India as well as elsewhere is largely due to their content. They must stream more Indian content to Indians, in addition to the American hits.
As they battle for dominance in the largest untapped digital market in the world, these two platforms have pulled out all the stops. They are offering a wide range of material in local languages, reducing prices and adding sports content.
According to reports, the two entertainment giants signed separate deals worth $54million with an Indian production house. This is as India’s media market heats up.
Clean Slate Filmz is known for producing shows and movies such as the crime drama Pataal Lok or the feminist supernatural thriller Bulbbul. According to a Bloomberg report , eight films and digital shows will be released on these platforms in the next 18 months.
The studio is well-known for its edgy content. It was founded in 2013 by Anushka Sharma, a female actor, and Karnesh Sharma, her brother.
This deal comes as subscriptions to online video streaming platforms around the globe have risen in response to the pandemic. Global box-office revenues, however, have plummeted since movie theaters in many parts of the world were closed to comply with health guidelines to stop the spread of coronavirus.
India moves past covid to race for content
A lot of original content, including movies that were originally released in theaters first, is being streamed on streaming platforms at the same moment as their theatrical debuts.
According to a joint report by Boston Consulting Group, and the Confederation of Indian Industry, India saw an increase of 51% in households that subscribe to video-on-demand services to around 80 million.
In 2022, this number will rise to 100 millions. It is therefore not surprising that investment in premium content and original content is on the rise. In 2021, India spent an estimated $600 to $700 million on original content.
India is home to 1.4 billion people. It also has high-speed internet access that makes it a great market for streaming services.
Media Partners Asia reports that the top three streamers were Disney+ Hotstar, which has 51 million subscribers, and Amazon Prime Video, which has 22.3 million. Netflix is a little behind, with 6.1 million customers.
Netflix aggressively reduced its subscription prices in India in December as it seeks to catch up with competitors in a highly competitive digital entertainment market.
Netflix will also be streaming more mass-market content with established Bollywood directors, in addition to its American hits like “Stranger Things.”