iWorld
Localised content the way forward for Netflix in India
MUMBAI: Global to local seems to be the key strategy of Netflix to spread its wings in India. ‘Netflix and Chill’ is the popular term across the OTT ecosystem but the number of Indian consumers chilling with Netflix’s high-quality content dwarfs in comparison to users in other markets. However, it is adapting to Indian tastes and modifying its pure international content line-up. Will this shift drive the growth for Netflix?
Netflix launched in India in January 2016 and has since created a niche for itself for high-quality TV series and Hollywood movie content for the English-speaking audience in the country but it is far behind other OTT players in terms of subscribers. Currently, it is the fifth largest player in India, behind players such as Hotstar, Voot and Amazon, according to the Counterpoint Technology Market Research report.
With the rollout of 4G internet services by the top telecom providers, especially Reliance Jio, streaming in India has taken a giant leap forward. In the year 2017, Netflix acquired more subscribers than local cable connections in the US (according to data from Statista and Leichtman Research Group). However, even after spending two years in India, things aren’t quite as rosy for the company as in the US. On average, the Indian consumer would spend around $32 dollar (close to Rs 2200) per year on entertainment, whereas in the US, people spend around $2260 (close to Rs 1.5 lakh) annually, according to global entertainment and media outlook 2017-2021 report by PWC.
How does Netflix aim to take over the minds of India when cable connections give you 100-150 channels at just Rs 1100-200? Netflix subscriptions can vary from Rs 500-800 a month. An annual plan can range from Rs 6000-9600.
Netflix CEO Reed Hastings believes that the amount that an Indian consumer pays for cable services, on a global level, is very low, which keeps the industry smaller than it should be. Speaking at an event, he had said that Netflix’s strategy is to build up local and global content. Though he admitted that Netflix’s rates were higher than cable TV, they were significantly lower than movie tickets and other entertainment experiences. Hastings is aligning the OTT player as competition to the bigger entertainment options and not the idiot box.
So far, Netflix has focussed on pushing its global content such as House of Cards, Orange is the New Black, Master of None, Stranger Things, Narcos and Daredevil to Indian subscribers. While it has made significant progress in adding regional content, it still has a lot of ground to make up.
Now, Netflix sees a potential of adding a massive 100 million Indian customers. According to Hastings, Netflix has around 120 million subscribers in over 190 countries who consume over 140 million hours of TV shows and movies per day, and about 60 million are from the US. However, in the price sensitive market of India, Netflix banks on close to 1.5 million subscribers.
How does Netflix aim to break the ice? The answer is local content. Hence, instead of price, Hasting suggested that Netflix wants to be sensitive to great local stories and content and be able to invest in them. So, the strategy will be to build up the local content that includes regional stories as well.
But will producing local content be enough for Netflix to chill in India? Commenting on the same, PwC partner & leader, media & entertainment Frank D’Souza says, “Growing smartphone and internet penetration across the country has created a wide range of opportunities for OTT players. Focus on creating and producing regional content should be of utmost importance considering the fact that India is a multilingual country. A ‘one size fits all’ approach would not work for the country with over 22 official languages.”
OTT platforms have realised the power that regional content has over the dissected Indian audiences. Amazon Prime was one of the first to take the plunge followed by Zee5, Hotstar, ALTBalaji, Voot, Viu etc.
Netflix recently announced three Indian original productions Ghoul, Leila and Crocodile apart from four productions already under works which include Sacred Games, Selection Day, Again, and Bard of Blood. On Valentine’s Day, Netflix released its first India original Love Per Square Foot by Ronnie Screwvala.
Where the platform is likely to get cold feet is in growing in tier II and III cities and the rural audiences. Commenting on the same, D’Souza says, “These are price sensitive segments of the Indian market. Considering the fact that OTT requires one to incur additional costs like that of internet subscription, it is important for players such as Netflix to have value added services or bundled services to penetrate these markets. Tying up with internet service providers and telecom operators in rural markets would give them an early mover advantage.”
Netflix has one more interesting feature to bet on—sharing the subscription package among people. Many networks limit the number of people who can watch programming at the same time. Netflix allows two to four simultaneous streams per subscription, depending on the plan, and charges more for the higher number of streams. So, the premium plan can be shared among four people or in a family of four.
By focussing on producing more local content from India, Netflix is betting on product over pricing when it comes to adding the next 100 million users. As a part of its future strategies, it should create movies and TV shows that Indians will be ready to die for while also keeping in mind the various languages.
Also Read :
2017: The year OTTs went regional in India
Regional OTT content more than just catch-up TV
Indians among top commute streamers for Netflix
Amazon strikes the balance between bingeing and episodic with ‘Breathe’
Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
