"This is the real Money Heist"
Netflix has slashed fees for all plans in India, the streaming platform has announced.
The price for a basic plan which lets users watch on a single device was cut by 60%, from Rs. 499 (£4.96) to Rs. 199 (£1.98).
Meanwhile, the cost for the standard plan which allows access on two devices dropped from Rs. 799 (£7.94) to Rs. 649 (£6.45).
Finally, the premium plan, which provides viewing on four devices at a time was reduced from Rs. 649 (£6.45) to Rs. 799 (£7.94).
Netflix India confirmed the news on Twitter, writing: “This is the real Money Heist.”
It's happening! Everybody stay calm! ?
— Netflix India (@NetflixIndia) December 14, 2021
Monika Shergill, vice president for content at Netflix India, said:
“It’s a two-pronged offering for customers; we are reducing pricing and offering value.
“It also comes with a big content lineup. We have a big global slate with a big Indian slate.”
The announcement was welcomed by Indian Netflix users.
The move comes as the platform falls far behind its two main competitors in the country, Disney+Hotstar and Amazon Prime.
While it has gained an estimated five million followers, Disney+Hotstar has 46 million and Amazon Prime has 19 million.
In fact, Amazon Prime decided to increase their annual plan recently, from Rs. 999 (£9.93) to Rs 1,499 (£14.90).
However, the subscription does also include add-ons such as Amazon’s free delivery and music services.
Netflix previously defended its higher price in India, noting the number of households who speak and consume English content.
However, the latest move appears to target those living outside major cities raising competition, according to industry experts.
Regarding the announcement, Mihir Shah, Vice President and Head of India at Media Partners Asia (MPA) said:
“The most meaningful reduction is the basic price plan, which opens up the funnel for significant new customer growth.
“It will also mean that they will have to go deeper – local and more regional in their content.”
This isn’t the first time that Netflix has cut prices in India.
In 2019, they lowered them by as much as half for customers who committed to at least three months.
Netflix previously said 2021 will be its biggest year with 40 new titles, including films, stand-up comedy shows and original series.
Notably, the streaming giant is yet to offer live sports, something which both Disney+Hotstar and Amazon Prime already provide.
Netflix’s two rivals are expected to bid for the hugely popular Indian Premier League (IPL) T20 cricket tournament in 2022.