Netflix NFLX has been focusing on strengthening its footprint in India’s growing video streaming market, which now has 39 companies offering streaming services, up from nine in 2012.
The company recently announced that it will spend $420 million this year and next on producing original content for the audience in India.
This is the first time the streaming giant has disclosed a content budget for the market and comes amid increased adoption for online content and growing competition in Asia's third-largest economy.
India’s Streaming Market Growth Potential Aplenty
India’s rapidly-expanding video streaming user base presents strong prospects for global video streaming service providers including Netflix, Apple AAPL, Amazon AMZN, Disney DIS, Zee5, Alt Balaji, Voot and MX Player.
Per a TechRadar report, India roughly has a video streaming audience base of more than 300 million, which is expected to increase by over 550 million in the next four years.
Per a Financial Express report, there are 46.15 million subscriptions for streaming premium services in India, which is set to increase to 92.32 million by 2024.
Year to Date Performance
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