Netflix slashes India prices in battle with Disney, Amazon; check new rates here

Representational Image (Reuters)

MUMBAI: Netflix slashed on Tuesday the prices of its streaming services in India, for the first time since launching five years ago in the South Asian nation, as it moves to better compete with fierce rivals Disney and Amazon.

The streaming giant cut prices by 60%, to Rs 199 rupees a month, for its basic plan that lets users watch content on a single device, it said in a blogpost. The price of its mobile-only plan will drop a quarter to Rs 149 rupees, with overall prices of various plans falling 18% to 60%.

The new prices were the "real `Money Heist`", Netflix said in its announcement, using the name of one of its popular television shows, but without giving any rationale for them.

Just told the Professor about our new prices. He thinks the plan is great #HappyNewPrices pic.twitter.com/r2ks3E8iK1 — Netflix India (@NetflixIndia) December 14, 2021

Users will 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 will be charged at Rs 499 per month.

The most expensive Netflix plan, which is the premium plan, will now cost Rs 649 per month. This plan used to cost Rs 799 per month earlier.

Aap @aliaa08 se convince ho gaye ya hum aur bole? #HappyNewPrices are here, which means you can now watch Netflix on any device at ₹199 and on your mobile at ₹149! pic.twitter.com/zdHrPlTJhi — Netflix India (@NetflixIndia) December 14, 2021

For years, Netflix priced its products far above competitors in India such as Disney and Amazon, citing the much higher income of households that spoke English and watched entertainment in the language.

The Netflix move reflects its effort to target expansion beyond the biggest cities, said an entertainment industry analyst who sought anonymity.

"To capture this market, it needs to bring down" costs, added the analyst, based in the financial capital of Mumbai, as the firm competes with big rivals.

Amazon Prime Video charges 179 rupees a month but, unlike Netflix, it allows users to simultaneously watch content on multiple devices from the same account, and offers a cheaper annual payment plan.

Disney + Hotstar offers an annual premium plan with access to all its content in 4K at Rs 1,499.

Disney + Hotstar made up a little less than 40% of the total subscriber base of 116 million of Disney+, the company said in an earnings call this year. Netflix and Amazon do not reveal their figures by country, however.

In 2018, Netflix said India could deliver its next 100 million subscribers.

At the time, Chief Executive Reed Hastings had said that the company had no plans to lower its prices in India, adding, "We don’t have a pricing issue."

Netflix has previously said 2021 will be its biggest year in India, with the release of more than 40 new titles, among them films featuring top Bollywood actors, stand-up comedy shows and original series