India among key drivers of Netflix's paid net subscriber additions, revenue percentage growth in Q2
India ranked second in terms of paid net subscriber additions globally for video streaming giant Netflix in the June quarter, and third by revenue percentage growth, backed by a strong content lineup headlined by ‘Heeramandi: The Diamond Bazaar’ web series.
Netflix's paid net additions stood at 8 million in Q2 compared to 5.9 million in the same period last year. Its global paid subscriber base stood at 278 million.
Revenue for the quarter grew 17% to $9.5 billion, while net income rose 45% to $2.1 billion.
Netflix said in a letter to shareholders for Q2 2024 that 'Heeramandi' is its biggest drama series in India, fetching 15 million views. ‘Amar Singh Chamkila’ movie followed with 8.3 million views. Licenced films such as ‘Laapataa Ladies’ and ‘Shaitaan’ also helped drive subscriber additions.
Netflix also said ‘The Great Indian Kapil Show’ ranked among its most-popular shows globally in Q2 along with ‘Bridgerton S3’, ‘Baby Reindeer’, and ‘Queen of Tears’.
According to Media Partners Asia, Netflix had 12 million paid subscribers in India. As per regulatory filings, Netflix Entertainment Services India reported a 24% growth in revenue at Rs 2,214 crore in FY23. Net profit jumped 75% to Rs 35 crore during the year.
“It's truly remarkable how our series and films have made a significant impact on a global scale. Heeramandi becoming our biggest Indian drama series to date is a testament to this. We are focused on engagement as the single most important indicator of success because when our members watch more,
