During the recent ET Global Business Summit, co-CEO Ted Sarandos announced that Netflix will increase India's portion of the $17 billion (Rs 1.4 lakh crore) content budget due to growing engagement with its offerings and rising revenue from viewers in the country. Sarandos emphasized the importance of engagement as a key measure of success, stating that growth indicators must start with this factor. He added that engagement is vital because it demonstrates whether people care enough to spend their viewing time with Netflix.
The company is planning to invest more resources in India as it continues to grow engagement and revenue. Sarandos explained that the team responsible for running India operates from India, which is the reason behind the company's success in the country. He stated that having teams on the ground with a feel for what people want is the key to success, and the company has invested heavily in production and employs 250 people in an office in Mumbai and another office in Delhi.
Netflix has produced 100 original projects in India, including 28 last year, and is continuing to improve every day. Sarandos stressed the importance of understanding the local culture, consumer tastes, and the history of the industry. He cited Sacred Games as an early attempt to infuse the principles of cinema into television and stated that Indian audiences loved the result.
Sarandos's top priority is to reignite growth at the company, and he believes that investing more in India will help the company achieve its goal. Netflix has a strong slate of content coming up for India, and the company is committed to getting into the rhythm of local tastes and desires. Sarandos concluded that the reason behind the company's success in India is the team's understanding of the local culture and the local storytellers, who are themselves part of the local audience.
