Streaming giant Netflix has garnered over 8 million paid subscriptions since April, according to the company's result for the second quarter. The growth marks an year-over-year growth of 16.5 percent This leads to a significant jump in its cumulative subscription base with 277.65 million paid users globally. Meanwhile, India emerged as the 2nd largest market for Netflix, sharing a major percentage of the 2.83 million new paid subscribers from the APAC region in the previous quarter.
India becomes Netflix's 2nd largest market in paid user additions in June quarter@tsuvik ✍️https://t.co/NOdvXMzBHn— ChristinMathewPhilip (@ChristinMP_) July 19, 2024
Netflix Gains 8 Million Global Subscribers Amid Price Hikes and Push to Ad-Supported Streaming https://t.co/50aSzveTkv— MacRumors.com (@MacRumors) July 18, 2024
Netflix rang up solid subscriber gains in the second quarter of 2024: The streamer added 8.05 million net paid customers in Q2, bringing its global base to 277.65 million. https://t.co/PecfSNNEnf— Variety (@Variety) July 18, 2024
Per the company’s letter to its shareholders, India is the third largest market in terms of revenue percentage growth. Last year the company rolled back its least expensive ad-free basic subscription and began warning customers across the US and UK this July that they need to switch to other plans available on the platform. The growth in the subcontinent is attributed by some to a deluge of desi content on the platform including hit series like Sanjay Leela Bhansali's-directorial Heeramandi, Laapata Ladies by Kiran Rao, and more gems from across the country. The OTT giant still faces stiff competition from Amazon Prime, and the joint collaboration of Disney+ HotStar and JioCinema. There’s no dearth of business though in the second largest internet market of the world. Gotta play your cards right and keep some for the babus. IYKYK.
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