The co-founder, president, and co-CEO Reed Hastings said that Netflix hasn't made much headway in India and its lack of success in the Indian market is frustrating. Hastings said that the company is definitely leaning in there and that in every other major market, we've got the flywheel spinning. It frustrates us that we haven't been as successful in India yet. He made remarks weeks after Netflix slashed its prices in India. In December 2021, the California-based streaming major had reduced its prices by 25% for the first time since 2016 when it entered the Indian market.
Netflix COO Greg Peters said that it was the right time to cut prices in India as they took stock of their activities to expand their offerings.
Peters said the ability to watch on TV with a basic plan really unlocks more value in the service and that it will create more retention, more attractiveness, because we wanted to do it across the range of plans that we had previously had under the theory that some of the features like the ability to watch on TV with a basic plan really unlocks more value in the service.