business News: The streaming giant has announced that a significant price reduction in subscription tiers in India has helped Netflix grow by nearly 30 percent (year-on-year) in the country in the first quarter of 2023. Over time, Netflix has adapted our prices to meet local needs and to further deepen its penetration, it has reduced prices in India by 20-60 percent in December 2021.
“These cuts – along with an improved slate – helped India grow nearly 30 per cent year-on-year, while F/X neutral revenue growth in 2022 accelerates to 24 per cent (vs 19 per cent in 2021),” the company said. in its March quarter earnings late on Tuesday (April 18). Learning from the success in India, Netflix slashed prices in an additional 116 countries in the first quarter.
“While they represented less than 5 percent of our FY22 revenue, we believe that increased adoption in these markets will help grow our revenue over the long term,” Netflix said.
Netflix Revenue:
The company reported revenue of $8.16 billion during the first quarter of 2023, slightly below market expectations. However, the company reported higher-than-expected earnings of $2.88 per share in Q1. APAC revenue grew 2 percent year over year, and average paid subscriptions grew 17 percent.
“Given the current healthy performance and trajectory of our per member ad economics, especially in the US, we are upgrading our ad experience with more streams and better video quality,” the streaming platform said.
Netflix said it is on track to meet its full-year 2023 financial targets. “For the second quarter of 2023, we anticipate revenue of $8.2 billion, up 3 percent,” Netflix said.
(With IANS inputs)
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