Netflix has “not succeeded” in scaling up its business in India despite the global streaming giant consistently lowering the subscription costs in the country, analysts at AllianceBernstein wrote in a report to clients Thursday.<\/p>\n
The U.S. streamer has about 6.5 million subscribers in India, compared to Prime Video’s 20 million in the South Asian market, the analysts wrote. Disney+ Hotstar continues to dominate the market with over 40 million subscribers.<\/p>\n
AllianceBernstein attributed Netflix slower growth in India to lack of local content, saying only 12% of the titles the global streamer offers in the country were local content. About 60% of Prime Video’s catalog in India, in comparison, was in domestic languages.<\/p>\n
The poor reception in India comes despite Netflix consistently lowering the prices in the country even as it has virtually raised the prices in all other key markets. Netflix inked a \u201cfirst-of-its-kind\u201d deal with Jio Platforms<\/a>, India\u2019s largest telecom operator, to bundle the streaming service with the carrier\u2019s pay-as-you-go plans in August.<\/p>\n