Streaming giant Netflix added 1.1 million (11 lakh) paid subscribes in the Asia-Pacific region in the second quarter (Q2) this year.
The Average Revenue per Membership (ARM) was -2 per cent (year-over-year), due to the impact from "our price decrease in India last December as well as plan mix," Netflix told shareholders after declaring Q2 results.
Netflix in December announced new and reduced prices in India, with the mobile-only plan starting at Rs 149 per month.
Users now pay Rs 149 a month from Rs 199 earlier for Netflix's mobile and Rs 199 instead of Rs 499 for its basic plan for the same period.
The standard plan is now Rs 499 per month. The most expensive Netflix plan, which is the premium plan, now costs Rs 649 per month from the earlier Rs 799 per month.
In the first quarter (Q1), Netflix saw an uptick in user engagement in India, as it doubled down on creating more localised content.
"The product fit incorporates subscription prices as well as willingness and ability to pay. So we have seen a nice uptick in engagement in India. We are definitely taking it in the right direction," Netflix co-CEO Ted Sarandos had said.
In APAC in Q2, Netflix's revenue grew 23 per cent year over year.
"At over $900 million of revenue, APAC is approaching the size of our LATAM business. We added 1.1 million paid memberships in the region (vs 1 million in last Q2)," the company informed.
The company said that it is in a position of strength "given our $30 billion-plus in revenue, $6 billion in operating profit last year, growing free cash flow and a strong balance sheet".
--IANS
na/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app