Mumbai: The Indian subsidiary of subscription-based US streaming services company Netflix reported a net profit of Rs 52 crore for the last fiscal year ended March 31, up 49% from Rs 35 crore in the previous financial year.
Netflix Entertainment Services India’s gross turnover rose 29% to Rs 2,845 crore from Rs 2,214 crore in FY23, boosted by a growing subscriber base, show its financial data sourced by business intelligence platform Tofler.
With an estimated 12 million subscribers, Netflix is India’s largest pure-play subscriber video-on-demand service, according to Media Partners Asia. Recent growth in subscribers has been spurred by a scale up in content offerings, backed by the launch of mobile-specific plans and a crackdown on password sharing.
Expenses rose 29% to Rs 2,810 crore, driven primarily by a 32% increase in other expenses that reached Rs 2,688 crore. Netflix managed to cut expenses on personnel by 11% to Rs 105 crore. Cash and cash equivalents surged 110% to Rs 861 crore.
Los Gatos Production Services India, which supports Netflix’s content-related activities, posted 122% increase in net profit to Rs 91 crore, with gross turnover increasing by 17% to Rs 3,744 crore, largely from export services.
Total expenditure for Los Gatos Production rose 16% to Rs 3,644 crore due to increased content production. Netflix revealed its 2024 content slate in February, comprising 14 shows and eight films.
Purchases made for resale reached Rs 3,431 crore, a 17% increase from Rs 2,923 crore. Personnel expenses remained stable at Rs 36 crore, while administrative costs fell by 10% to Rs 159 crore. Partner contributions towards Los Gatos Production increased 30% to Rs 5,700 crore, while cash and cash equivalents rose 14% to Rs 1,046 crore.
Netflix India declined to comment on the financials.
On its July 18 second-quarter earnings call, California-based Netflix Inc highlighted India as the second-largest market globally for paid net subscriber additions in the June-ended quarter and third in revenue percentage growth. The content line-up, led by the web series ‘Heeramandi: The Diamond Bazaar’, bolstered this growth.
During the call, Netflix co-CEO Ted Sarandos commented that Netflix’s growth in India mirrored its success in other markets, where content-market fit drove member acquisition, retention, and monetisation.
Sarandos highlighted that Heeramandi, directed by Sanjay Leela Bhansali, was Netflix India’s biggest drama series, with 15 million views. The platform also disclosed that Amar Singh Chamkila achieved 8.3 million views, while licensed films like Laapataa Ladies and Shaitaan also contributed to subscriber growth.
"Our original films and licensed films, including those released in the pay-TV window following theatrical releases, continue to thrill our members,” Sarandos said in July.
During the third-quarter earnings call on October 17, Co-CEO Greg Peters reiterated that markets like India exemplified Netflix’s decade-long investment in local creative communities, partnering with storytellers to help them deliver compelling narratives to audiences.
Netflix Entertainment Services India’s gross turnover rose 29% to Rs 2,845 crore from Rs 2,214 crore in FY23, boosted by a growing subscriber base, show its financial data sourced by business intelligence platform Tofler.
With an estimated 12 million subscribers, Netflix is India’s largest pure-play subscriber video-on-demand service, according to Media Partners Asia. Recent growth in subscribers has been spurred by a scale up in content offerings, backed by the launch of mobile-specific plans and a crackdown on password sharing.
Expenses rose 29% to Rs 2,810 crore, driven primarily by a 32% increase in other expenses that reached Rs 2,688 crore. Netflix managed to cut expenses on personnel by 11% to Rs 105 crore. Cash and cash equivalents surged 110% to Rs 861 crore.
Los Gatos Production Services India, which supports Netflix’s content-related activities, posted 122% increase in net profit to Rs 91 crore, with gross turnover increasing by 17% to Rs 3,744 crore, largely from export services.
Total expenditure for Los Gatos Production rose 16% to Rs 3,644 crore due to increased content production. Netflix revealed its 2024 content slate in February, comprising 14 shows and eight films.
Purchases made for resale reached Rs 3,431 crore, a 17% increase from Rs 2,923 crore. Personnel expenses remained stable at Rs 36 crore, while administrative costs fell by 10% to Rs 159 crore. Partner contributions towards Los Gatos Production increased 30% to Rs 5,700 crore, while cash and cash equivalents rose 14% to Rs 1,046 crore.
Netflix India declined to comment on the financials.
On its July 18 second-quarter earnings call, California-based Netflix Inc highlighted India as the second-largest market globally for paid net subscriber additions in the June-ended quarter and third in revenue percentage growth. The content line-up, led by the web series ‘Heeramandi: The Diamond Bazaar’, bolstered this growth.
During the call, Netflix co-CEO Ted Sarandos commented that Netflix’s growth in India mirrored its success in other markets, where content-market fit drove member acquisition, retention, and monetisation.
Sarandos highlighted that Heeramandi, directed by Sanjay Leela Bhansali, was Netflix India’s biggest drama series, with 15 million views. The platform also disclosed that Amar Singh Chamkila achieved 8.3 million views, while licensed films like Laapataa Ladies and Shaitaan also contributed to subscriber growth.
"Our original films and licensed films, including those released in the pay-TV window following theatrical releases, continue to thrill our members,” Sarandos said in July.
During the third-quarter earnings call on October 17, Co-CEO Greg Peters reiterated that markets like India exemplified Netflix’s decade-long investment in local creative communities, partnering with storytellers to help them deliver compelling narratives to audiences.
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