Netflix Inc. (NFLX) has slashed prices in India by as much as 60% as the streaming giant seeks to increase its market share in the Asian country, which has been dominated by Walt Disney Co.'s (DIS) Hotstar and Amazon.com Inc.'s (AMZN) Prime Video streaming services.
Netflix Mobile plan, which previously cost 199 rupees ($2.62), now has been priced at 149 rupees ($1.96).
The Netflix Basic plan, which permits streaming on any device, including phone, tablet, computer and TV, but caps the resolution at 480p, now costs 199 rupees ($2.62) in India, down from 499 rupees ($6.56).
Netflix Standard, a plan that allows users to watch video on HD resolution and permits two simultaneous views, now costs 499 rupees, down from 649 rupees ($8.53). Netflix Premium, which allows four simultaneous views and streams in UltraHD (4K) video quality, now costs 649 rupees, down from 799 rupees ($10.50). Existing subscribers on any tier will be able to switch to the new offerings, the company said.
This is not the first time that Netflix has offered lower priced plans in India. In 2019, Netflix had launched a 199 rupees "mobile only" plan in India, which was a global first.
Netflix currently has nearly five million customers in the country, compared to 46 million Disney Hotstar subscribers and 19 million Amazon Prime Video subscribers, according to researcher Media Partners Asia. Price-conscious users of India prefer Hotstar and Prime Video as it only costs roughly $20 a year.
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