Netflix is planning to spend ₹3, 000 crore on content for India for this year, as mentioned by Reed Hastings, the chief executive of the company, on an event organized in Delhi. It was also added that a major part of this budget would be allocated towards original programs, but further specifications have not yet been provided.
The streaming giant has actually mentioned a content budget for the Indian market for the first time. This announcement comes at a time when there is a high demand for online content in the third-largest economy of Asia, along with rising competition. Hastings added that the next five to ten years in the future is slated to be the golden era of online streaming. The investments are going to go up and up from the giants of the industry, like Amazon, Apple, Viacom, Disney, and local businesses such as Zee TV.
India has actually become quite the content hub for the streaming giant, which has already released more than forty original films and series in the country. That’s not all because there are over two dozen shows available in regional languages, as well. Netflix also announced that it has nearly fifteen original films in the pipeline that it hopes to release by April this year.
The global investments of Netflix are going to be around $15 billion this year, with the figure expected to rise further in the years to come. Hastings cited the example of shows like Mighty Little Bheem and Sacred Games, which have done exceptionally well in not just the country but also outside it. The fact that original Indian content has earned favored worldwide is evident in the fact that Mighty Little Bheem was watched by more than twenty-seven million people outside India.