Netflix India has reportedly slashed the rates of all four of its subscription plans in India. The move comes amidst growing competition in the OTT space and to increase the user base in a country where a significant chunk of the population remains largely unexplored.

Sources claimed that the streaming service's base plan, which allows a single user to access a device for approximately USD 6.56, has been reduced to USD 2.61, representing a 60% discount. The HD quality plan for mobile use only, which also accounts for nearly half of Netflix's customer base, has also been reduced from USD 2.61 to USD 1.96.

Meanwhile, the standard plan has been lowered from USD 9.19 to USD 6.56, while the premium plan where four users can together access the same ID on different devices was whittled down from USD 10.50 to around USD 8.53

Monica Shergill, the Content VP at Netflix India stated that the entertainment service is delivering value in addition to lower prices with a massive content lineup, hinting at the company's intentions for the country in the upcoming years.

Notably, Netflix tops the charts in terms of revenue, contributing 38% of the USD 504 million video-on-demand revenue, Amazon Prime and Hotstar control only 19% and 21% respectively.

Despite this, Netflix is far behind in terms of its global membership base, and it is predicted to add 5.5 million subscribers by the end of 2021 in a market where Hotstar Disney already has 46 million monthly active users while Amazon Prime accounting for 21.8 million.

The streaming giant’s pullback comes at a time when its main competitor, Amazon Prime, has raised its annual subscription pricing to approximately USD 20. However, a Prime membership includes value-added services such as music streaming and free Amazon delivery as well.

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https://www.business-standard.com/article/companies/netflix-cuts-fees-for-all-plans-in-india-moves-to-expand-in-country-121121400162_1.html